Bitget Hit with $387.5M Hack, North Korea Suspected

Bitget has suspended withdrawals after discovering a $387.5 million hack on September 24, 2026. The attack did not involve stolen private keys but rather exploited a vulnerability in the exchange's backend wallet infrastructure, allowing attackers to spoof transaction authorization data and move funds without triggering authentication checks.

Cybersecurity firm Mandiant and blockchain analytics firm SlowMist have joined the investigation alongside law enforcement, with Bitget CEO Gracy Chen linking the attack to North Korean hacking groups based on IP behavior patterns and on-chain analysis.

Chen assured users that their balances are safe, citing the exchange's User Protection Fund, which currently holds over $464 million. This fund is specifically designed for scenarios like this one, where customer balances are not affected by unauthorized outflows.