Bitget Hit by $351M Hot Wallet Breach Amid Suspected North Korean Hack

Bitget, a major cryptocurrency exchange, has suffered a massive hot wallet breach, losing an estimated $351.6 million in assets. The incident occurred on September 24 at 18:31 UTC, and Bitget's security team quickly sprang into action to contain the damage.

The largest single theft involved XRP, with over $100 million drained, while a significant volume of USDT, USDC, and XAU was also taken. The stolen assets were swapped for approximately $170 million in ETH across multiple chains and coin types.

Gracy Chen, Bitget's CEO, has confirmed that the breach is likely linked to North Korean hackers, citing VPN usage patterns matching infrastructure previously associated with a specific DPRK-linked hacking group.

The security team has ruled out private key compromise, eliminating the risk of further severe damage. A full root cause analysis and corrective action report will be published once the investigation is complete.