{"id":565796,"date":"2026-09-25T10:50:42","date_gmt":"2026-09-25T09:50:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=565796"},"modified":"2026-09-25T10:07:30","modified_gmt":"2026-09-25T09:07:30","slug":"bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund\/","title":{"rendered":"Bitget\u2019s North Korea-linked $352 million hack could drain 76% of its protection fund"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/bitget\/\">Bitget<\/a> said its <a href=\"https:\/\/cryptoslate.com\/bitgets-351-6-million-hack-pushes-september-crypto-losses-to-2026-high\/\">$351.6 million wallet breach<\/a> bears the hallmarks of North Korean hackers as investigators race to trace and freeze stolen assets.<\/p>\n<p>The crypto exchange said analysis of IP activity and blockchain transactions showed the Sept. 24 attack closely matched techniques used by known <a href=\"https:\/\/cryptoslate.com\/north-korean-it-workers-earned-17m-this-year-with-some-funds-coming-from-circle-accounts\/\">North Korean hacking groups.<\/a> Bitget has reported the incident to relevant authorities and enlisted blockchain security firms Mandiant and SlowMist to investigate, Chief Executive Officer Gracy Chen <a href=\"https:\/\/x.com\/GracyBitget\/status\/2103284083363398137\">said<\/a>.<\/p>\n<p>Onchain analyst Specter separately linked the XRP taken from Bitget to funds stolen during the $24 million AFX hack in July, which was attributed to the TraderTraitor cluster associated with <a href=\"https:\/\/cryptoslate.com\/north-korea-stole-500m-from-crypto-in-18-days\/\">North Korea\u2019s Lazarus Group<\/a>. The Bitget attribution remains under investigation and has not yet been independently confirmed by its external security firms.<\/p>\n<figure id=\"attachment_565867\" aria-describedby=\"caption-attachment-565867\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-565867 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-scaled.jpg\" alt=\"Bitget Stolen Funds\" width=\"2560\" height=\"1920\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-300x225.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-1024x768.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-768x576.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-1536x1152.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/HTBd-rQWMAAKuS0-2048x1536.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption id=\"caption-attachment-565867\" class=\"wp-caption-text\">Chart Linking Bitget's Stolen Funds With North Korea-Linked Attackers (Source: Specter)<\/figcaption><\/figure>\n<p>The breach affected ETH, <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>, BNB, <a href=\"https:\/\/cryptoslate.com\/coins\/avalanche\/\">AVAX<\/a>, USDT, USDC and other assets across <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, XRP Ledger, Arbitrum, Avalanche, Optimism, BNB Chain and Base. XRP accounted for the largest loss on a single network, Chen said.<\/p>\n<p>Bitget said some blockchain foundations have already confirmed freezes of addresses associated with the attacker. Any successful recovery could reduce the final loss from the $351.6 million of assets initially identified as affected.<\/p>\n<p>Cold wallets remained secure, according to the exchange, while Bitget Wallet, its separately operated self-custodial product, was unaffected.<\/p>\n<h2>Bitget's protection fund faces its largest test<\/h2>\n<p>The attack has also put Bitget\u2019s financial backstop under scrutiny as withdrawals remain suspended during a wider security review.<\/p>\n<p>Bitget said losses left after its assessment will be borne by its User Protection <a href=\"https:\/\/www.bitget.com\/blog\/articles\/bitget-protection-fund-382m-august-2026\">Fund<\/a>, which holds 5,500 <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> valued at more than $464 million. Chen said the company would replenish the fund after covering the incident.<\/p>\n<p>A loss equal to the full $351.6 million estimate would amount to roughly 76% of a fund valued at $464 million. The eventual draw could be smaller if assets are frozen or recovered, while the fund\u2019s dollar value can also change with Bitcoin\u2019s price.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-565797 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-8c3d204b-53a5-4ee0-bb44-272d49441771.png\" alt=\"Conditional Bitget protection-fund illustration: a $351.6 million full draw from a $464 million reference value would leave $112.4 million, or $187.6 million below the stated $300 million floor. No fund draw has been disclosed.\" width=\"1122\" height=\"1402\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-8c3d204b-53a5-4ee0-bb44-272d49441771.png 1122w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-8c3d204b-53a5-4ee0-bb44-272d49441771-240x300.png 240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-8c3d204b-53a5-4ee0-bb44-272d49441771-819x1024.png 819w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-8c3d204b-53a5-4ee0-bb44-272d49441771-768x960.png 768w\" sizes=\"(max-width: 1122px) 100vw, 1122px\" \/><\/p>\n<p>Bitget said it has additional resources beyond the fund. Chen disclosed more than $1 billion in proprietary assets and said customer funds remain backed on a 1:1 basis.<\/p>\n<p>The company has yet to say how much of those resources it will need, how much will come directly from the protection fund, or what the fund will hold after it makes customers whole.<\/p>\n<p>Its latest proof-of-reserves <a href=\"https:\/\/www.bitget.com\/support\/articles\/12560603895370\/\">report<\/a>, published Sept. 17, showed an aggregate reserve ratio of 135% across 19 assets, but the snapshot came before the attack and does not reflect the exchange\u2019s post-breach position.<\/p>\n<p>Withdrawals will remain unavailable until Bitget completes additional security checks. Chen said the company would announce a reopening window once it could do so with confidence rather than commit to a timetable before the review is finished.<\/p>\n<p>That leaves investigators pursuing two outcomes simultaneously: recovering assets before they move beyond reach and determining how much of Bitget\u2019s own balance sheet it will ultimately need before customers regain full access to their funds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At a $464 million reference value, covering the full estimate from the fund would leave about $112 million, below its stated floor.<\/p>\n","protected":false},"author":720,"featured_media":565810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968,16041],"tags":[81073,78514,76769,77630,72399],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitget\u2019s North Korea-linked $352 million hack could drain 76% of its protection fund<\/title>\n<meta name=\"description\" content=\"Bitget says attackers used methods consistent with North Korean groups as it weighs recoveries against a potentially massive fund draw.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitget\u2019s North Korea-linked $352 million hack could drain 76% of its protection fund\" \/>\n<meta property=\"og:description\" content=\"Bitget says attackers used methods consistent with North Korean groups as it weighs recoveries against a potentially massive fund draw.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-25T09:50:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-25T09:07:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/bitget-cracked-protection-fund.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitgets-north-korea-linked-352-million-hack-could-drain-76-of-its-protection-fund\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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