Bitget Reports $351.6 Million Hot Wallet Breach, Promises Full User Reimbursement

Bitget confirmed that unauthorized transfers totaling approximately $351.6 million occurred from its hot and warm wallets on September 24 at 18:31 UTC. CEO Gracy Chen stated that the exchange's cold wallets remain secure and that the incident involved a backend system compromise rather than a private key leak. Bitget plans to cover the entire loss using its $464 million User Protection Fund, ensuring customer balances remain intact. On-chain investigators, including Specter and Conor Grogan, have suggested that the North Korea-linked Lazarus Group may be responsible for the exploit.