Bitget Faces $463 Million Outflow Following Massive Security Breach

Bitget experienced a record $463 million in net outflows on September 29 following a security breach that resulted in losses between $387.5 million and $388 million. The attack, which occurred on September 24, involved exploiting a third-party security product to spoof transaction data. While the exchange's private keys and cold storage remained secure, the incident forced the use of the User Protection Fund, which dropped from over $464 million to below $200 million. CEO Gracy Chen indicated that forensic evidence points to the North Korean Lazarus Group.