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Bitget CEO links $388M hack to third-party security flaw

Bitget said it froze some stolen assets and that the incident began Sept. 24, after unauthorized transfers were detected from several hot wallets.

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Bitget’s CEO said a $388 million hack was carried out by exploiting a third party security vulnerability, according to comments to Cointelegraph. The CEO said the attacker used exposed credentials to issue fraudulent withdrawal commands.

Bitget said its private keys were not compromised and that cold wallets were not affected. The exchange also said it has since patched the security flaw and tightened withdrawal controls, including restricting internal access, adding independent verification for withdrawals, and increasing monitoring for unusual activity.

Cointelegraph reported that some stolen assets have been frozen, but Bitget has not yet disclosed how much has been recovered. Investigators are also continuing to assess a possible North Korea link.

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