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Bitget hack losses rise to $387.5 million after wallet spoofing

Bitget said investigators flagged unauthorized transfers from hot wallets starting 18:31 UTC on September 24, with losses later expanding as the hack unfolded.

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Bitget said hackers stole about $387.5 million in crypto, calling it what it believes to be the biggest hack of the year, after attackers moved assets out of the exchange's hot and warm wallets. Decrypt reports the exchange tied the theft to suspicious transfers detected at 18:31 UTC on September 24, and said law enforcement is now investigating.

According to Decrypt, within about an hour, on-chain investigators tallied roughly $183 million in stablecoins, Ethereum, and other crypto assets leaving wallets tagged to Bitget. Bitget initially put reported losses at $351.6 million when it publicly confirmed the breach hours later, and later updated the total to $387.5 million.

Decrypt also reports that Bitget CEO Gracy Chen said the attackers did not forge user withdrawal requests, and did not obtain private keys from the cold wallet or any hot or warm wallet. She said instead the attackers broke into a backend system inside Bitget's wallet infrastructure and used it to spoof transaction data, tricking the exchange's own approval processes.

While North Korea is described as the likely suspect, Decrypt notes it has not been confirmed. The outlet says Bitget believes the fingerprints look similar to those associated with Pyongyang, and the exchange said it is working with authorities as the investigation continues.

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