Bitget Users Fully Covered After Massive Hack: $352M Stolen, No User Losses Expected

Bitget, a prominent cryptocurrency exchange, has been hit by a massive hack resulting in the theft of approximately $352 million (€300 million) from its wallets on Thursday evening. According to Bitget CEO Gracy Chen, user funds are fully covered on a 1:1 basis through the company's Protection Fund and additional assets.

The Protection Fund alone exceeds the stolen amount by around $110 million. The fund is held in publicly verifiable wallets, adding an extra layer of assurance for users. Bitget also holds over $1 billion (€850 million) in its own assets, which will act as a buffer if withdrawals surge once they reopen.

The attack did not involve stolen private keys but rather forged transfer requests through the exchange's backend wallet system. The attackers used IP addresses associated with North Korean hackers, although the attribution has not been confirmed. A detailed incident report is expected to be released soon.