From Pymnts · PYMNTS · · 1m 10s
Bitget Crypto Hack Losses Hit $387M
Bitget reports $387.5m crypto theft as largest annual hack.
In brief
Bitget reports $387.5m crypto theft as largest annual hack. Bitget suffered a $387.5 million crypto hack, the largest this year, with user funds protected by a $464 million security fund. Originally reported by Pymnts.
Bitget Reports $387.5m Theft
Bitget said assets equivalent to about $387.5 million were stolen in an attack the company announced Thursday (Sept. 24).
Revised Loss Estimate
The revised figure reflects a more complete accounting of transfers that occurred during the incident, adding affected assets on Zcash and TRON not included in the initial estimate.
Security Response
Bitget suspended withdrawals while its teams complete a comprehensive security review and activated emergency response procedures.
User Funds Protected
Most importantly, user funds remain protected under Bitget’s User Protection Fund, which holds more than $464 million.
North Korean Suspected
CNBC reported Bitget CEO Gracy Chen suspects a North Korean hacking group may be behind the breach.
Withdrawals to Resume
Bitget will announce a withdrawal plan Saturday (Sept. 26) at 4 a.m. UTC, restoring services after security checks.
The main idea
Bitget suffered a $387.5 million crypto hack, the largest this year, with user funds protected by a $464 million security fund.
