Bitget Slammed by Massive Hack as Over $351 Million in Assets Vanish

Bitget, a major cryptocurrency exchange, has reported a massive hack resulting in over $351.6 million in assets being withdrawn from its platform. The company claims that client funds are protected and may be covered by a protection fund exceeding $464 million.

The incident was detected on September 24 when Bitget's security team noticed suspicious activity. They tracked the addresses to which the funds were sent, prompting an emergency protocol and temporary suspension of asset withdrawals for additional security checks.

According to Bubblemaps, unknown parties made 15 large transfers, moving approximately $192 million in seven assets, with Ethereum accounting for 44.4% of the tracked volume. The analysts also noted a transaction on the Arbitrum network where 19.67 million USDT stablecoins were transferred and exchanged for ETH via UniswapX and 1inch Fusion.

Bitget's CEO Gracy Chen suspects North Korean hackers may have been involved, citing several IP addresses linked to VPN services previously used by a North Korean group. The company believes the attack scheme is similar to previous hacker operations associated with North Korea. Chen emphasized that private keys of cold, hot, and intermediate wallets were not stolen.