Bitget suffers $350 million crypto hack

Bitget suffered a $350 million hack that drained customer wallets. Bitget detected that $351.6 million had been stolen at 6.31pm GMT on Thursday. The exchange then froze customer withdrawals. Chen said the User Protection Fund would cover the stolen funds. The fund held more than $464 million. Chen said withdrawals would resume once Bitget confirmed it was safe. Bitget said the attack methods were highly consistent with known patterns used by North Korean hacker organizations. Chen said attackers compromised a critical back-end system in the wallet infrastructure. The attackers used the system to spoof transaction data. The attackers triggered the authorization process to move funds out. The stolen tokens included ether and XRP. The stolen assets also included the stablecoins USDC and USDT. The assets came from Ethereum, XRP Ledger, and Base. Bitget said it was working with law enforcement and blockchain security groups. Bitget was also working with the groups that operate the affected blockchains. Some of those groups had identified and frozen wallets belonging to the hackers. The theft was the largest crypto hack so far this year. Before the Bitget hack, $1.73 billion had been stolen across 333 incidents at crypto groups in 2026, according to TRM Labs. TRM Labs said North Korea remained the largest source of stolen value this year. In February 2025, North Korean hackers stole $1.5 billion from Bybit in the largest single crypto hack ever. In early September, $319 million worth of bitcoin was stolen from the Liquid Network. In April, $292 million was stolen from infrastructure used by KelpDAO. Bitget was founded in 2018. CoinMarketCap ranked it as the world's fifth-largest exchange by spot trading volume. Cybercriminals are also targeting crypto holders' personal data. Criminals claiming responsibility for a data breach at Revolut threatened to sell confidential records from hundreds of customers unless the company paid a $3 million ransom.