Story perspectives

Bitget reports $351.6M hack, North Korean-linked IPs

By Drooid · Sep 25, 2026, 2:56 PM UTC · How we work

Summary

Story summary

Bitget exchange reported a $351.6 million theft after hackers accessed its hot and warm wallets.
The breach was detected at 18:31 UTC on September 24, 2026, prompting emergency protocols.
Investigators linked the breach to IP addresses using VPNs associated with a North Korean hacking group.
Bitget suspended withdrawals but kept deposits and trading operational.
Bitget’s User Protection Fund, holding over $464 million, fully covers the $351.6 million loss.

History

Historical Context

The 2014 Mt. Gox collapse—when the Tokyo exchange, then processing over 70 % of global Bitcoin trades, lost about 850,000 BTC (?$473 million) and prompted Japan’s first cryptocurrency regulations—spurred worldwide KYC rules. Those rules forced newer platforms such as Bitget to adopt emergency safeguards, yet the September 2026 hack still siphoned $351.6 million from its wallets.

1 of 2

Story summary

Bitget exchange reported a $351.6 million theft after hackers accessed its hot and warm wallets.
The breach was detected at 18:31 UTC on September 24, 2026, prompting emergency protocols.
Investigators linked the breach to IP addresses using VPNs associated with a North Korean hacking group.
Bitget suspended withdrawals but kept deposits and trading operational.
Bitget’s User Protection Fund, holding over $464 million, fully covers the $351.6 million loss.

1 / 2