Bitget Loses $350M as Wallets Are Drained Across Multiple Chains
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Bitget said a security breach drained hundreds of millions of dollars from hot wallets across multiple chains, with later updates saying the attacker converted much of the stolen value into Ether. The exchange also said withdrawals were suspended while the incident was reviewed, and its CEO later linked early findings to North Korea-related activity without confirming who was behind the attack.
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What it means
Bitget customers and traders were the first to see the impact, because withdrawals were suspended while the exchange reviewed the breach. The event also put the wider crypto sector on notice that funds across several chains and assets were involved, not just one token or one wallet.
In practice, the situation changed from live withdrawals to a pause in which access to funds was being checked. Bitget also said cold wallets were not affected, so the update narrowed the affected part of its setup to hot and warm wallets rather than every storage system it uses. (per tokenpost.com)
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Thefts of a similar size
| When | What happened | Figure |
|---|---|---|
| 44 days ago | Bitget · Hot Wallet Key Compromised incident | $387M |
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