WuBlockchain
Bitget detected unauthorized transfers from several hot wallets on September 24. CEO Gracie Chen said the team found IP addresses whose VPN usage patterns matched those associated with a specific DPRK-linked group, making a North Korea connection very likely.
Why it matters
The attackers did not obtain private keys from Bitget's hot, warm or cold wallets, according to Chen. Instead, they breached the exchange's internal system and transferred funds directly, shifting the security focus from key custody to internal access controls.
Market impact
Bitget has previously said its user protection fund exceeds $464 million and is sufficient to cover the loss. That reserve is the exchange's stated backstop as users and the broader market assess the incident's financial and operational impact.
Frequently asked questions
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How did the attackers transfer funds from Bitget?
They breached Bitget's internal system and transferred funds directly from several hot wallets. The exchange said the attackers did not obtain private keys.
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What links the Bitget hack to North Korea?
Bitget CEO Gracie Chen said IP addresses used in the incident showed VPN usage patterns matching those associated with a specific DPRK-linked group.
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Were Bitget's hot, warm or cold wallet keys stolen?
No. Chen said the attackers did not obtain private keys from Bitget's hot, warm or cold wallets.
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How much does Bitget's user protection fund hold?
Bitget has previously said its user protection fund exceeds $464 million.
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What does Bitget say about covering the loss?
Bitget has said its user protection fund is sufficient to cover the loss from the unauthorized transfers.
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