WuBlockchain
Bitget detected unauthorized transfers involving about $350 million on September 24, prompting an emergency livestream roughly three and a half hours later. CEO Gracy Chen rejected claims that the incident was staged or an inside job, saying it would make little sense for a company focused on long-term growth.
Why it matters
Chen said Bitget aims to pursue an IPO within the next few years, ideally in about three. She argued that a major security incident would hurt that goal, linking the exchange’s response to its longer-term plans for public-market scrutiny.
Market impact
The cause of the transfers remains under investigation. Chen said the evidence available at the time appeared more consistent with the Lazarus Group, but the attribution was not presented as confirmed.
The scale of the reported transfers makes the investigation and Bitget’s security response central to assessing the incident. The seed provides no details on whether or how the funds were recovered.
Frequently asked questions
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How much in unauthorized transfers did Bitget detect?
Bitget detected transfers involving about $350 million on September 24.
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When did Gracy Chen address the incident?
Chen spoke during an emergency livestream roughly three and a half hours after Bitget detected the transfers.
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What did Chen say about claims the incident was staged?
She rejected claims that the incident was staged or an inside job, arguing that doing so would make little sense for a company focused on long-term growth.
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What is Bitget’s stated IPO timeline?
Chen said Bitget hopes to pursue an IPO within the next few years, ideally in about three years.
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Has Bitget confirmed who was responsible for the transfers?
No. The cause remains under investigation. Chen said the evidence available at the time appeared more consistent with the Lazarus Group, but attribution was not confirmed.
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