On September 24, attackers stole approximately $387.5 million from the Bitget exchange by manipulating internal withdrawal processes. Chainalysis attributed the theft to North Korean hackers. Bitget completed a phased reopening of withdrawals on October 2, and as of October 6, the exchange reported that about $1.07 million of the stolen funds had been frozen.
CEO Gracy Chen stated that the company replenished its protection fund to over $300 million. Additionally, the exchange holds more than $1 billion in capital outside this fund. Chen noted that while some institutional clients withdrew large sums initially, many have since returned, and inflows exceeded outflows shortly after the resumption of Ethereum and USDT withdrawals.
Internal investigations have found no evidence of insider involvement, though the specific method used by attackers to gain system knowledge remains unknown. The breach originated from a previously unknown vulnerability in a third-party security product, which has since been disabled. Bitget has tightened access to sensitive systems and implemented additional withdrawal approvals.
The exchange is currently in preliminary discussions regarding a potential alliance with other exchanges and protocols to combat such attacks. However, Chen acknowledged the challenges of aligning interests and balancing information sharing with internal security requirements. Certora estimated that approximately $238 million was withdrawn following the initial block.
