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Crypto

Bitget Hack Exposes Flaw in Crypto Exchange Protection Funds

Guavy AI Editorial Team
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BTC
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The crypto exchange Bitget was hacked on September 24, 2026, resulting in a loss of $351.6 million.

The company's chief executive, Gracy Chen, suspects that North Korean attackers were behind the hack, citing IP traces.

Bitget has suspended withdrawals and stated that its cold holdings remain untouched.

According to an analysis by CryptoTicker, Bitget's in-house protection fund would cover only 75.7% of the loss, leaving around $112.9 million or about 1,337 BTC uncovered.

The fund is held in Bitcoin, which has lost value since its record high in October 2025, making it worth less when needed most during market downturns.

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