Bitget Confirms Containment of $351.6 Million Loss Following Exchange Breach

Bitget, a cryptocurrency exchange, has confirmed that it contained losses from a breach on September 24. The incident resulted in approximately $351.6 million in losses, which were limited to parts of its hot- and warm-wallet infrastructure. The exchange's cold wallets remained secure.

Bitget detected unauthorized transfers at 2:31 p.m. ET (18:31 UTC) on the day of the breach. It immediately suspended withdrawals but allowed deposits and trading to continue while reviewing its systems.

According to Bitget CEO Gracy Chen, the exchange has ruled out a private-key compromise and blocked further unauthorized transfers. 'Loss containment is confirmed. No further unauthorized transfers are possible,' Chen said.

The breach was attributed to a North Korean group by Bitget, although this attribution has not been confirmed. The exchange stated that it would restore withdrawals after completing its security review.