Bitget Hit with $351.6 Million Security Breach Amid Growing Industry Threats
The crypto industry was hit with a major security breach when Bitget, a popular exchange, reported that hackers stole $351.6 million from their hot wallets. However, the platform's CEO Gracy Chen assured users that their funds are covered by the user protection fund, which currently exceeds $464 million.
According to Chen, the security team has confirmed that hackers breached key backend systems of the wallet service, forged transfer information, and invoked authorized signature workflows to transfer out funds. Multiple technical teams are working simultaneously to repair the system, harden security, and prepare for withdrawal resumption.
The stolen XRP from Bitget was linked to a previous hack in July this year, which was attributed to TraderTraitor. Specter monitoring suggested that the Lazarus Group may be behind the attack.
Meanwhile, Binance's Co-CEO Richard Teng stated that their security team has been working closely with Bitget since the incident was discovered and is sharing intelligence to track stolen funds and support asset recovery.