Bitget Unfazed by $387.5M Hack, Sticks to IPO Plans

Bitget's CEO Gracy Chen has reaffirmed the company's plans to go public within three years, despite suffering one of the largest exchange hacks of 2026. On September 24 at 18:31 UTC, Bitget lost $387.5 million in unauthorized withdrawals due to a breach that exploited spoofed transaction data.

The hack targeted both hot and warm wallets, but cold wallets were not compromised, and no private keys were exposed. The stolen assets included approximately 103 million XRP, worth around $157 million, as well as ETH and USDT.

Chen attributed the attack's fingerprints to previous operations linked to North Korean hacking groups, based on IP address analysis and transaction pattern tracing. Bitget has launched an on-chain tracing initiative and informed law enforcement about the breach.

The exchange has brought in Mandiant and SlowMist to investigate the hack and patch its security gaps. Withdrawals remain suspended while Bitget shores up its defenses.