Bitget Suffers $351.6M Security Breach, Suspects North Korea Involvement

Bitget, a major cryptocurrency exchange, has suffered a significant security breach that drained approximately $351.6 million from its hot and warm wallets.

The incident occurred on September 24, 2023, when Bitget's systems flagged unauthorized transfers from some exchange hot wallets at 2:31 p.m. ET.

According to CEO Gracy Chen, the attackers infiltrated a vital backend system tied to the wallet service, falsified transfer information, and set off the authorized signing workflow to withdraw funds.

Chen emphasized that private key compromise has been ruled out as the cause of the breach, stating that 'private key leakage has been ruled out.'

The exchange's User Protection Fund currently holds more than $464 million, which is enough to cover the loss. Bitget also holds over $1 billion in proprietary capital.