Bitget’s North Korea-linked $352 million hack could drain 76% of its protection fund
Bitget said a Sept. 24 breach affected $351.6 million in crypto across several networks, and that the attack’s methods resemble those used by North Korean hacking groups. The attribution remains unconfirmed by external investigators. Mandiant and SlowMist are investigating, while some blockchain foundations have reportedly frozen attacker-linked addresses. Bitget says its cold wallets and separate self-custodial wallet were unaffected. Withdrawals remain suspended pending security checks. The exchange says its 5,500-Bitcoin protection fund, worth over $464 million at the time, will cover any unrecovered losses, with additional proprietary assets available; the final amount and funding mix are unclear. Its latest 135% proof-of-reserves snapshot predates the breach.
