Bitget CEO Gracy Chen says she suspects North Korean attackers exploited a backend system used to process wallet transactions to drain $387M from the platform (Camila Grigera Naón/Fortune)

Bitget, a cryptocurrency exchange, suffered a security breach on September 24, 2026, at 18:31 UTC, when unauthorised transfers were made from its hot and warm wallets. The company's CEO, Gracy Chen, suspects that North Korean attackers were behind the breach, which involved the exploitation of a backend system used to process wallet transactions.

According to Chen, the attackers spoofed transaction data and invoked authorisation protocols, resulting in the transfer of approximately $387.5 million in crypto assets from the exchange's wallets. The incident is being investigated by Bitget, along with cybersecurity firms Mandiant and SlowMist, and relevant authorities.

The breach did not affect Bitget's cold wallets or its separate self-custodial Bitget Wallet, which operates on independent infrastructure. The company has suspended crypto withdrawals on its network and has $464 million in its user protection fund, which it claims should cover the costs of the theft.

Brief written by urgent.news from Techmeme, Arabian Post, TechCrunch, The Hacker News — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.