Bitget says North Korea may be linked to a $351.6 million hack
hot wallet
A wallet connected to the internet for regular transactions.
cold wallet
A wallet kept apart from the internet.
User Protection Fund
Money set aside to help users after a loss.
What happened
Bitget, a cryptocurrency exchange, says unauthorized transfers affected about $351.6 million in assets. Its security system detected unusual transfers on September 24 at 18:31 UTC. Independent blockchain researchers had flagged unusual wallet movements earlier. Early estimates placed the visible movement near $183 million. Bitget later gave the larger figure. The difference shows that the final size of the incident is still being checked.
What Bitget says is safe
Bitget says the incident touched only parts of its hot- and warm-wallet layers. Hot wallets connect to systems used for routine transactions. Cold wallets are kept apart from internet-connected systems. The exchange says its cold wallets were not affected and user balances remain accurate. Deposits and trading stayed online. Withdrawals were paused during the security review. These are important statements, but they are still statements from the company.
Why North Korea is mentioned
Gracy Chen, Bitget's chief executive, later said North Korean hackers were very likely involved. She pointed to IP addresses that appeared to match VPN patterns associated with a North Korean group. That is an attribution claim, not a confirmed finding. The attacker's identity has not been proven with complete certainty. Bitget also says the technical cause remains under investigation. It has said it will avoid guessing about the method before the investigation is complete.
The response
Bitget says it activated an emergency team within minutes. It marked addresses that received the transfers and contacted authorities and blockchain security firms. The company says its User Protection Fund held more than $464 million. It says the fund can cover the affected amount. Bitget promised a full incident report covering the cause, response, and corrective steps. The report is expected within 24 hours. Whether funds were actually frozen or recovered remains a separate question.
Why this matters
A loss estimate in the hundreds of millions tests more than a trading platform's technology. It tests the exchange's promises about custody, communication, and compensation. Pausing withdrawals can frustrate users. It can also limit further movement while investigators check the system. The key question is not only whether Bitget can pay. Users will also want to know what moved, what returned, and when normal withdrawals can resume. Clear evidence will matter more than a fast explanation.
What remains unknown
Several basic facts are unsettled. Investigators have not publicly established how the attackers entered the relevant system. The final asset list and final loss may change. It is also unclear how much cryptocurrency was frozen or recovered. The North Korea theory still needs independent support. Early blockchain estimates and Bitget's later estimate have not been fully reconciled.
What to watch next
The next milestones are Bitget's promised incident report, the reopening of withdrawals, and updates from law enforcement or security firms. Observers will also track whether the company publishes evidence for the North Korea link. Until then, the confirmed story is narrower than the headline: a large unauthorized transfer affected part of Bitget's wallet infrastructure, the exchange stopped withdrawals, and responsibility remains under investigation.
Money moved without permission at Bitget
📰 Full story: Bitget says North Korea may be linked to a $351.6 million hack
Bitget says a very large amount of digital money was affected.
unauthorized transfer
A money transfer made without the user's permission.
hot wallet
A digital wallet connected to the internet.
cold wallet
A digital wallet kept away from the internet.
💡 The gist
- Bitget says unauthorized transfers affected $351.6 million.
- The exchange paused withdrawals while it checked its systems.
- Its CEO suspects North Korean hackers, but this is unconfirmed.
Bitget is a cryptocurrency exchange. It helps people buy and sell digital coins. On September 24, Bitget found transfers that users did not approve. Bitget said about $351.6 million in assets were affected.
That amount is an estimate. Earlier, outside researchers saw about $183 million moving. The later number was larger. Investigators still need to check the difference. The affected amount is not automatically the final permanent loss.
Bitget uses several kinds of wallets. A hot wallet stays connected to the internet. It helps process normal transactions. A cold wallet stays away from the internet. Bitget said its cold wallets were safe.
Bitget kept deposits and trading open. It paused withdrawals. This meant people could not take money out for a while. The company said it needed time to check the system. Pausing withdrawals can help stop more unusual transfers. It also creates stress for users.
Bitget CEO Gracy Chen suspects North Korean hackers. She said some internet clues looked like clues linked to a North Korean group. However, that is not proof. No one has confirmed who did it.
Bitget said it called authorities and blockchain security companies. It marked the addresses that received the transfers. The company also said its User Protection Fund had more than $464 million. It said this fund could cover the affected amount. That is the company's promise. It does not yet show how much money was recovered.
The most important next step is a full report. Bitget promised one within 24 hours. People will look for the cause, the final amount, and any recovered money. They will also watch for withdrawals to reopen.
Until then, keep two facts separate. A large transfer happened, according to Bitget and outside observers. The claim about North Korea remains unconfirmed. Good reporting waits for evidence before naming a culprit.
Money moved by itself at Bitget
📰 Full story: Bitget says North Korea may be linked to a $351.6 million hack
A company that trades digital money found a big problem.
Bitget
A company that helps people trade digital money.
cold wallet
A money box kept away from the internet.
North Korea
The name of a country.
Bitget is a company that helps people trade digital money. On September 24, some money moved without permission. Bitget said about $351.6 million was affected. Dollars are money used in the United States.
The company paused withdrawals while it checked its money boxes. People could still add money and trade, Bitget said.
Bitget said its cold wallets were safe. A cold wallet is like a box kept away from the internet.
Bitget also has a protection fund. The fund is money saved for helping users.
Bitget's leader, Gracy Chen, suspects North Korea may be involved. She is not sure. Other investigators still need to check.
Bitget marked the places that received the money. It asked officials and security teams for help.
The company plans to share a fuller report. We will watch for three things. Will withdrawals start again? Will any money come back? Will the North Korea claim be proved?
For now, the simple answer is this: money moved wrongly, and people are still finding out why.