Bitget loses roughly $388 million from hot wallets in third party breach
Image: Bitcoin.com NewsBitget lost roughly $388 million from its hot wallets after attackers exploited a vulnerability in a third party security product. The attackers spoofed transaction data so transfers looked legitimate to Bitget's authorization system. Private keys and cold storage were not affected. Bitget's chief executive pointed to North Korean threat actors, and the exchange has begun restoring withdrawals. The User Protection Fund held more than $464 million and is meant to cover the loss.
Key points
- Bitget lost roughly $388 million from hot wallets after attackers exploited a third party security product.
- Attackers spoofed transaction data to make transfers look legitimate to Bitget's internal approval system, and no private keys were taken.
- Forensic findings and Bitget's chief executive pointed to North Korea linked threat actors behind the breach.
- Bitget's User Protection Fund held more than $464 million and is intended to cover the loss.
- Bitget has begun restoring or resuming withdrawals after the breach.
Why it matters
Bitget customers faced the largest single-day withdrawal event tracked by DefiLlama in four years, and the loss was absorbed by the exchange's user protection fund. The incident centres on a third party security product rather than Bitget's own keys or cold storage.
What's unclear
One report says Bitget's User Protection Fund has fallen below $200 million after absorbing losses, while the other says the fund holds more than $464 million and covers the loss.
SlowMist did not name the vendors behind the third party products and said it is still working out how the attacker moved between systems.
Sources · 2 publishers
Bitcoin.com News
Tier 2
Bitget Hackers Were Inside the Exchange for 25 Days Before $388M Heist
Coverage timeline
- First reported by Crypto Briefing
- Confirmed by Bitcoin.com News
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
