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Bitget recovers protection fund after $387M security breach
Bitget is recovering from a massive security breach that resulted in the theft of approximately $387.5 million from its hot wallets on September 24. The exchange has restored its User Protection Fund to over $300 million to safeguard customer balances and is progressively resuming withdrawal services.
Investigations by cybersecurity firm SlowMist suggest the intrusion began as early as August 31, utilizing a zero-day exploit in a third-party security product. Attackers reportedly used a custom tool to manipulate withdrawal parameters and access internal databases. Bitget CEO Gracy Chen stated that the attack patterns, including social engineering and laundering methods, strongly suggest involvement by North Korean actors.
Blockchain investigator ZachXBT has tracked the movement of stolen funds, noting that attackers have turned to Zcash’s privacy-focused Ironwood shielded pool to obscure transactions after other laundering routes were blocked. Approximately $3.9 million in ZEC has been moved into the pool. While NEAR Intents reported blocking over $50 million in attempted transfers, less than 1% of the total stolen assets have been successfully frozen.
Entities
Bitget · Circle · Gracy Chen · NEAR Intents · SlowMist · Tether · ZachXBT · Zcash
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Approximately $351.6 million in assets were affected during the September 24 breach. www.thecooldown.com
- [○ 1 SOURCE] Bitget CEO Gracy Chen believes the attackers are likely from North Korea based on attack patterns. exame.com
- [○ 1 SOURCE] Less than 1% of the stolen funds, approximately $1.08 million, has been successfully frozen. exame.com
- [○ 1 SOURCE] The intrusion chain began on August 31 via a zero-day exploit in a third-party security product. www.cryptobreaking.com
- [● 2 SOURCES] NEAR Intents' SHIELD system blocked over $50 million in attempted transfers linked to the theft. cryptoslate.com · www.tekedia.com
- [● 2 SOURCES] Attackers transferred approximately $3.9 million in ZEC to Zcash’s Ironwood shielded pool. www.criptotendencias.com · cryptoslate.com
- [● 2 SOURCES] The exchange is progressively resuming withdrawal services following the security incident. inversorlatam.com · exame.com
- [○ 1 SOURCE] Bitget has restored its User Protection Fund to over $300 million. inversorlatam.com