Bitget Suffers Year's Largest Crypto Hack with $387.5 Million Loss

Bitget, a cryptocurrency exchange, has suffered what it calls the year's largest crypto hack, with losses topping $387.5 million. The attack occurred on September 24 and involved unauthorized transfers from hot wallets, prompting Bitget to suspend withdrawals while it completes a comprehensive security review.

In its initial report, Bitget estimated that about $351.6 million in assets were stolen, but later revised this figure to reflect additional affected assets on Zcash and TRON that were not included in the initial estimate.

Bitget's CEO Gracy Chen suspects a North Korean hacking group may be behind the breach, citing internet protocol addresses linked to VPN services previously used by the group. The Financial Times reported that the Bitget incident is the largest crypto hack this year, with $1.73 billion stolen across 333 incidents targeting crypto groups in 2026.

Bitget assures users that their funds remain protected and are covered by its User Protection Fund, which currently holds more than $464 million. The company plans to announce a withdrawal plan on September 26 at 4 a.m. UTC and will continue to provide updates on the investigation and asset recovery.