TLDR
- Bitget lost $351.6 million after attackers compromised a backend system in its wallet infrastructure.
- CEO Gracy Chen said private keys were not stolen, ruling out the industry’s most damaging type of hack.
- Attackers spoofed transaction data and tricked the exchange’s own authorization process into approving transfers.
- Chen said IP addresses match VPN patterns tied to a North Korean hacking group.
- Bitget’s $464 million user protection fund covers the full loss, and withdrawals remain frozen during the review.
Bitget, a major crypto exchange, lost $351.6 million in an overnight hack. CEO Gracy Chen confirmed the breach in a post on X.
Here is what we can confirm at this stage:
On the 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… https://t.co/5nINjwbXpC— Gracy Chen @Bitget (@GracyBitget) September 25, 2026
Chen said the attack did not involve stolen private keys. Private keys act like a password and vault combination that let someone move funds freely.
Instead, attackers got into a backend system tied to Bitget’s wallet infrastructure. They used that access to fake transaction data.
How the Attack Worked
Chen compared the breach to someone slipping forged withdrawal slips through a bank’s own teller window. The vault keys stayed locked up the whole time.
Bitget(@bitget) was hacked for ~$351.6M!🚨
The hacker has already swapped most of the stolen funds on EVM chains for 67,982 $ETH($183M).https://t.co/KkILPI2RNU pic.twitter.com/TgCE0OUi13
— Lookonchain (@lookonchain) September 24, 2026
The attacker created paperwork that looked official. They passed it through Bitget’s normal approval process, and the system accepted it as a real request.
The breach was first flagged at 18:31 UTC on Sept. 24. Bitget’s systems detected unauthorized transfers from hot wallets, which are wallets connected to the internet for daily trading and withdrawals.
The attack also reached Bitget’s warm wallets. These sit between hot wallets and offline cold storage, topping up balances as needed.
Chen said the cold wallets, which stay fully offline, were never touched. She called them “fully secure.”
Bitget stopped the outflow once the breach was detected. Chen said no further unauthorized transfers are possible at this time.
Who Is Behind the Hack
Chen said a preliminary investigation pointed to North Korea. Investigators found IP addresses matching VPN services used by a known North Korean hacking group.
She said the pattern resembled past attacks tied to North Korea. The exchange does not believe the breach was an inside job.
An outside researcher, who goes by Specter, posted findings on X linking the stolen funds to a wallet connected to a past exploit. That wallet had ties to a hacker labeled “AFX EXPLOITER” in an earlier $24 million breach.
North Korean hackers were linked to roughly $2.02 billion in crypto theft in 2025. That included the $1.5 billion Bybit hack, which the FBI attributed to North Korea.
Bitget has not confirmed the identity of the attackers. Chen said the investigation is still active.
What Happens Next
Bitget’s User Protection Fund holds more than $464 million. Chen said this fund covers the full amount lost in the hack.
“User funds are safe,” Chen wrote. “Your account balances are accurate and your assets are protected.”
Deposits and trading remain open on the platform. Withdrawals are paused while the security review continues.
Chen did not give a timeline for when withdrawals will resume. She said multiple technical teams are working on fixes at the same time.
“We will announce a timeline as soon as one is confirmed,” she wrote. “We will not commit to a window we cannot guarantee.”
During a live Q&A on X, Chen said some of the stolen funds had already been recovered. She did not say how much.
Bitget is working with blockchain foundations and other partners on the recovery effort. The exchange says a full technical report will follow once the investigation is complete.
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