Blockchain & Cryptocurrency , Cryptocurrency Fraud , Fraud Management & Cybercrime

Cryptohack Roundup: $387M Bitget Hack

Every week, ISMG rounds up cybersecurity incidents in digital assets. This week, Bitget lost $387 million, hackers used famous personalities to make malicious extensions look legit, an American was sentenced in a $16 million phishing case, a Vietnamese man was charged for a $16 million scam and an old Magic Eden access left $5.7 million at risk.

Bitget Loses $387M in Wallet Attack

Crypto exchange Bitget said an attacker transferred about $387.5 million from some of its online wallets after breaking into a key part of its wallet system.

The attacker manipulated transaction information and triggered Bitget's approval process to move the funds, CEO Gracy Chen said. The company said the attacker did not gain access to private keys, which act like passwords controlling cryptocurrency. Its offline wallets, which store funds away from internet-connected systems, were also unaffected.

Bitget suspended withdrawals after detecting the transfers on Sept. 24.