Bitget Hack Raises a Bigger Question: Are Crypto Exchanges Safe?

The reported $351.6 million Bitget security breach has brought back an important question in crypto: Should investors keep their assets on centralized exchanges, or use decentralized exchanges (DEXs) and cold wallets instead?

On September 24, Bitget saw unauthorized transfers from some of its hot wallets, losing $351.6 million. The exchange said its cold wallets were not affected and that its User Protection Fund held more than $464 million to cover the loss.

Bitget later said it had identified the attack method, fixed the vulnerability, and was working with security firms Mandiant and SlowMist to investigate.

Notably, the attack has been linked to North Korean groups. Elliptic said the Bitget attack pushed the total North Korea-linked crypto theft to above $1 billion in 2026.

But the biggest issue for investors is: 

Who controls your crypto’s private keys?

Pro…

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