Bitget Hack Swells to $387.5 Million Amid Ongoing Investigation
The Bitget hack has turned into a much bigger security incident than initially estimated. The exchange now says attackers stole $387.5 million from its wallets on September 24, with withdrawals remaining suspended and the company's protection fund covering the loss.
Mandiant and SlowMist are investigating, while CEO Gracy Chen suspects North Korean involvement, but the initial entry point remains undisclosed.
The hack occurred in two stages. First, unauthorized transfers were detected by Bitget's security systems at 18:31 UTC, prompting emergency procedures within minutes. However, this detection time doesn't establish when attackers first gained access.
It wasn't until 19:57 UTC that a fresh wallet spending $19.67 million in USDT0 to purchase 7,111 ETH was flagged by analyst DCF GOD, reportedly paying up to 5% above market prices.
Later, at 21:06 UTC, Bubblemaps reported roughly $180 million moving from Bitget wallets to a common receiving address before being split across several wallets.