Bitget’s CEO Gracy Chen confirmed a loss totaling $351.6 million and said withdrawal outflows have been halted while cold wallets remain intact.

How the breach occurred

According to the company, attackers accessed internal wallet management systems and manipulated transaction records to disguise transfers, the exchange says.

Bitget stated it has ruled out a compromise of private keys and that custodial cold wallets were not affected by the incident.

Suspected perpetrators and recovery efforts

Chen indicated investigators found overlaps in IP addresses and VPN usage that preliminarily point to North Korean–linked hacking groups, though that assessment remains provisional.

Part of the stolen funds have been recovered, the exchange said, but it did not disclose the recovered amount or specific recovery methods.

Impact on customers and protections in place

Withdrawals are temporarily suspended with no firm timeline for resumption; deposits and trading operations continue to function normally according to Bitget.

The company said a protection fund with a balance exceeding $464 million will be used to cover the shortfall and compensate affected user balances.

Context

In March 2025, Chen warned that another platform could become "FTX 2.0", a remark now noted in discussions about this incident and its implications for exchange risk management.