Bitget Loses $387 Million as Hackers Exploit Own System
Bitget, a cryptocurrency exchange, confirmed that attackers stole $387.5 million from its wallets on September 24. The company's protection fund covers the loss, and withdrawals remain suspended. Mandiant and SlowMist are investigating.
According to Bitget, its security systems detected unauthorized transfers at 18:31 UTC. However, it did not establish when attackers first gained access. The breach affected hot and warm wallets but left cold wallets secure.
Analyst DCF GOD flagged unusual trades at 19:57 UTC, where $19.67 million in USDT0 was used to buy 7,111 ETH in six minutes. By 21:06 UTC, approximately $180 million had moved from Bitget wallets to a common receiving address and then split into several wallets.
Bitget CEO Gracy Chen confirmed the breach at 21:30 UTC, initially estimating the loss at $351.6 million. However, by September 25, 00:43 UTC, Chen revealed that attackers compromised a critical backend system, which approved fraudulent transfers based on false transaction data.