Bitget says users are safe after hackers siphon off $350m

Bitget has been hit by one of the biggest crypto hacks of the year. According to the platform, an estimated $350 million in cryptocurrency was moved without authorisation from a number of its wallets. The exchange has temporarily suspended all withdrawals while an investigation into the attack is under way.

North Korea

CEO Gracy Chen stressed in a post on social media that customer funds are not at risk. According to her, the full loss is covered by Bitget’s User Protection Fund, a reserve fund that currently holds more than $464 million. “User funds are safe,” Chen stated.

Researchers have now identified IP addresses linked to VPN services that have previously been associated with a North Korean hacking group. Although Bitget is not yet drawing any firm conclusions, the exchange says this points to the possible involvement of North Korean cybercriminals, who have been blamed for several large-scale crypto thefts in recent years.

The attack was discovered on Thursday afternoon. Blockchain analytics firm Lookonchain reported that the hacker has so far converted around $183 million of the haul into ether. That could make it harder to trace and recover the stolen assets.

The hack comes at a time when the security of crypto platforms is once again under pressure. Earlier this month, $320 million worth of bitcoin disappeared from a Liquid Network wallet. The hacking of popular hardware wallet Coldcard has also caused unease in the sector recently.

According to Esme Pau of blockchain security firm CertiK, this is one of the most serious attacks on a centralised crypto exchange in 2026. “This is yet another wake-up call for the industry,” Pau said. Bitget has announced that it will publish a full incident report within 24 hours, including an analysis of the cause and the security measures taken.