Bitget's preliminary probe traces a $351.6 million loss to false transfer data fed into its signing approvals, and says no private keys leaked. If the promised root-cause report confirms that, depositors' risk sits in the exchange's backend, because the keys and cold wallets held.
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Bitget will repay the $387.5 million drained from its hot and warm wallets out of a user protection fund of just over $464 million. Customers are made whole, and the reserve left behind would cover only about a fifth of another loss that size.
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Circle and Tether froze about $318,000 tied to the $387.5 million Bitget hack after the attacker had swapped most of it into Ether. Bitget's own protection fund is paying customers, so the cost lands on the exchange whose hot-wallet software was breached.
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Bitget CEO Gracy Chen says attackers breached the exchange's own servers to move $351.6 million out of its hot wallets on September 24. She blames North Korea's Lazarus Group without published technical evidence, and how the transfers were authorized is still unexplained.
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- Investor 29%
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Bitget lost about $351.6 million from its hot and warm wallets after attackers spoofed transaction data in a backend system, the exchange said. Cold storage held and a $464 million fund covers the loss, while about 45% of the haul is native XRP that no one can freeze.
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Bitget says attackers took over a wallet backend system and fed its authorization process spoofed data, moving out $387.5 million without stolen keys. For teams running payouts, the data an approver trusts now belongs on the same review list as the keys.
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Bitget says attackers took over a wallet backend, faked transaction data and got the exchange's own authorization process to move $351.6 million out. No key was reported stolen, so the failure is in where the approvers got their facts.
Reality
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Bitget CEO Gracy Chen ties a $351 million breach of the exchange's online wallets to North Korean hackers and says a $464 million user fund covers it. Paying it out could leave about $113 million in reserve while withdrawals stay frozen and Bitget still cannot say how the attackers got in.
Reality
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Bitget's $351.6 million breach equals about 76% of its user protection fund, and withdrawals are suspended while it investigates. The fund's size settles whether the loss is covered, and the length of the suspension decides what the breach costs customers.
Reality
- Evidence35
- Adoption
- Insufficient
- Hype gap+15
- Incentives60
- Confidence38