Bitget blames North Korea-linked hackers for a theft of roughly $350 million to $390 million from its hot wallets
The exchange says its cold wallets were untouched and a user protection fund will cover the losses.
Evidence: Independent reports. Security stories run only with a named disclosure or independent reporting behind them.
Singapore-based cryptocurrency exchange Bitget says hackers stole hundreds of millions of dollars in digital assets after its security systems detected unauthorized transfers on September 24. CEO Gracy Chen said on X that, based on IP behavior and on-chain analysis, the method was 'highly consistent' with known North Korean hacker organizations, though she named no specific group and Bitget has not detailed its evidence. Reported figures differ: SecurityWeek and Security Affairs cite about $351.6 million, while The Record reports Chen confirmed an initial estimate of $387.5 million at a town hall. According to Bitget, attackers breached a backend system of its wallet services and exploited vulnerabilities to move funds from a small number of hot wallets; cold wallets and the separately run Bitget Wallet were not affected. The stolen assets include ETH, XRP, BNB, AVAX, USDT and USDC across several blockchains. Withdrawals are suspended while Mandiant and SlowMist assist, some attacker-linked addresses have been frozen, and the company says its User Protection Fund of more than $464 million will cover customer losses. If attribution holds, it would add to the billions North Korea has taken from crypto platforms over the past five years.