Bitget hit by $351.6 million crypto hack in one of year’s biggest heists

Cryptocurrency exchange Bitget has been hacked, resulting in the theft of $351.6 million. Withdrawals have been temporarily suspended, while access to deposits and trading remains available. The incident could become the largest crypto hack of the year.

Bitget’s systems detected unauthorized transfers on the evening of September 24. Several IP addresses linked to the thefts were identified. According to Bitget CEO Gracy Chen, the addresses are connected to North Korea.

"We will not shy away from responsibility. Every dollar and every decision will be accounted for in full," Chen wrote on social media X.

The company’s insurance fund, which holds more than $464 million, will cover the losses.

Chen also noted that the attackers exploited a vulnerability in part of the platform’s backend by using spoofed transfers.

Despite the incident, cryptocurrency prices have shown little reaction. Major digital assets remain at roughly the same levels as the previous day, retaining gains of several percent since the beginning of the week and up to 10% since the start of the month.

The broader macroeconomic backdrop remains unfavorable, with yields on almost all types of US government bonds continuing to rise, along with expectations of another Federal Reserve rate hike at the end of October.

Image: Shutterstock

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