Bitget Investigates $387.5 Million Security Breach

Bitget confirmed a $387.5 million theft from its hot and warm wallets on September 24. The exchange has suspended withdrawals and stated that its user protection fund will cover the losses. Security firms Mandiant and SlowMist are currently investigating the incident, with CEO Gracy Chen noting a potential link to North Korean actors. The breach involved a compromise of a critical backend system, and investigations into the timeline of unauthorized transfers are ongoing.