Bitget Hack: What Happened in the $351.6 Million Crypto Security Breach?
On September 24, 2026 Bitget reported unauthorized transfers that affected about $351.6 million from portions of its hot and warm wallets, prompting temporary withdrawal suspensions while cold wallets remained secure and the exchange says its $464 million User Protection Fund covers the loss and some funds have been recovered. CEO Gracy Chen and on-chain researchers suspect a North Korean-linked group and preliminary work points to a backend compromise that spoofed transaction authorizations rather than private-key theft; Bitget has engaged Mandiant, SlowMist and law enforcement to trace assets on-chain ($ETH , USDT, USDC, $AVAX , $BNB ) and will publish a root-cause report.
On September 24, 2026 Bitget reported unauthorized transfers that affected about $351.6 million from portions of its hot and warm wallets, prompting temporary withdrawal suspensions while cold wallets remained secure and the exchange says its $464 million User Protection Fund covers the loss and some funds have been recovered. CEO Gracy Chen and on-chain researchers suspect a North Korean-linked group and preliminary work points to a backend compromise that spoofed transaction authorizations rather than private-key theft; Bitget has engaged Mandiant, SlowMist and law enforcement to trace assets on-chain ($ETH , USDT, USDC, $AVAX , $BNB ) and will publish a root-cause report.
