Bitget hit by $350 million security breach; CEO says funds fully covered

TechFlow reported on Sept. 30, citing Cointelegraph, that Bitget confirmed a security breach in which about $351.6 million was stolen. CEO Gracy Chen said attackers did not steal private keys but moved funds using spoofed bank transfer requests, and that affected funds are fully covered by the User Protection Fund (over $464 million) plus more than $1 billion in company assets. IP tracing pointed to VPN servers, and she suspects North Korean hackers. Bitget has processed thousands of bitcoin withdrawals and is gradually restoring service.