bitgetsays$352maffectedinhack

Bitget has brought in *Mandiant (Google) and SlowMist* to investigate the *$351.6 million security breach* detected on Sept 24 at 18:31 UTC, CEO Gracy Chen confirmed today.
The incident is now being treated as a potential *North Korea-linked attack*.
> "Our security team has made initial progress in tracing the source. The attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization..." — Gracy Chen on X, Sept 25 e6a1
Here's what we know:
*How it happened (without private keys):*
Chen said the attacker did NOT steal private keys. Instead, they compromised a critical backend system in the wallet infrastructure and used it to create *spoofed transfer data* that reached the authorization process and moved funds out. Bitget says it has ruled out a private-key leak and has contained the incident — no further unauthorized transfers are possible. e6a1
It shifts the focus from key custody to the systems around it. The attacker didn't need to possess a wallet key; it needed access to infrastructure that could produce transfer info the approval flow would accept.
*What was taken:*
∼$351.6M from hot and warm wallets — cold wallets remain safe. Affected assets: ETH, XRP, USDT, USDC, AVAX, BNB and USDT0 on Arbitrum. Ethereum held the main concentration. Early on-chain trackers showed less because the incident extended beyond Ethereum.
User balances remain accurate. Deposits and trading continue. Withdrawals are paused while teams work on recovery and security upgrades.
*North Korea link:*
In a live Q&A after the breach, Chen said preliminary investigation points to IP addresses that match VPN services previously used by a DPRK hacking group. "The pattern looks very much like what the North Korean team did before." She said an inside job is not suspected. Attribution is still preliminary and not definitively confirmed. 4bbd
The $2B stolen by DPRK hackers in 2025, including the $1.5B Bybit hack attributed by the FBI, makes this plausible. Coindoo notes Bitget's current position is that North Korean involvement cannot be ruled out. e6a1
*What's next:*
Bitget says its $464M User Protection Fund more than covers the loss. Some stolen funds have already been recovered with help from blockchain foundations and partners — amount undisclosed. Addresses have been flagged and law enforcement contacted.
Chen said multiple technical teams are working to resume withdrawals in hours or days, and a full incident report with root cause and corrective actions will be published within 24 hours.
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XRP is the cryptocurrency used for transaction fees, transfers, and liquidity.

XRP Ledger is the underlying blockchain infrastructure that records transactions and supports other applications.

Ripple, a fintech company, is often discussed alongside XRP because it has developed products for payment providers and has contributed to parts of the XRP ecosystem. However, Ripple and XRP are not the same thing.

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A clear use case in cross-border transfers and liquidity management

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