Is Bitget hacked?

[oll]

Analysts write that Bitget has likely been hacked:

Over $170 million in assets have already been withdrawn from hot wallets and exchanged for ETH from cold wallets.

The exchange recently celebrated its 8th birthday, and unfortunately, this is the gift it received.

https://arkm.com/explorer/entity/f22a00ea-0a01-41d4-af5d-9e565bb12f37

[Nwada001]

In just the same day, DuelBit Casino was hacked, and hackers stole $7m. A few minutes ago, Bitget was also hacked, and $170m was reportedly stolen, according to the report. This can be true, as different media have already published the news on X, and users are complaining that withdrawals have been suspended or encountered delays.

Another day to remind us that not your key, not your coin; those who save their coins on Bitget exchange will see the real disadvantage of holding in an exchange.

[hedgeh0g]

Analysts write that Bitget has likely been hacked:

Over $170 million in assets have already been withdrawn from hot wallets and exchanged for ETH from cold wallets.

Well, it’s a new day and new hacker attacks, and unfortunately, I can see that this information is being picked up by an increasing number of on‑chain analysts, who have already labeled the hacker’s crypto withdrawal addresses as “Hacker Bitget.”



There’s information that the hacker is exchanging everything for Ethereum, and this hack is being compared to the FTX hack, because amounts of $200,000,000 are already being mentioned, and it’s unclear what will happen in a few minutes. But it’s clear that withdrawals from the exchange have already been blocked.

[sergiorus]

Yep seems like that. Withdrawals appear to be stopped for now, yet still no official announcements from the exchange.

Funnily enough, just this morning I read a tweet in Chinese (had to translate) from supposedly an insider claiming that Bitget received green light from the American regulators to have IPO in the States.

I guess that will have to be postponed for a while now.



UPD: this tweet claims that more than half a billion dollars worth of funds are still potentially compromised (https://x.com/yourquantguy/status/2103219344549597672)

Things look atrociously ugly.

[Wiwo]

and it’s unclear what will happen in a few minutes. But it’s clear that withdrawals from the exchange have already been blocked.

From what is happening is hard to make conclusions if this bitget hot and could wallet funds movement is a hack movement or just exchange wallet rebalancing.

For that we have to wait for official announcement from the team before we make further comment on this fund movement. Whatever Bitget already has in customers' funds on SAFU, there is no need to panic.

[oll]

I'd like to mention Bitget's safety net. For those unfamiliar, it's a 5,500 BTC fund designed specifically for hacks and asset theft (if a hack actually occurs).

https://www.bitget.com/blog/articles/bitget-protection-fund-382m-august-2026

This Protection Fund was created back in 2022. They promised to maintain its value above $300 million. But according to the latest report, it held around $432 million, due to the rise in Bitcoin's price.
Users can apply for the recovery of lost funds. However, this doesn't happen automatically; it only happens if the exchange deems all the conditions suitable.

and it’s unclear what will happen in a few minutes. But it’s clear that withdrawals from the exchange have already been blocked.

From what is happening is hard to make conclusions if this bitget hot and could wallet funds movement is a hack movement or just exchange wallet rebalancing.

For that we have to wait for official announcement from the team before we make further comment on this fund movement. Whatever Bitget already has in customers' funds on SAFU, there is no need to panic.

The hack has been confirmed.

https://x.com/GracyBitget/status/2103235655879074084


According to the latest data, 351 million were stolen.

[Odusko]

Hope this bitget news be the last we are hearing in this season, for those who haven't confirmed, this another news from popular cryptocurrency new platforms, and the hack is confirmed, the bigger question now is if bitget reserve for reimbursement in such incidents can cover up for this hack and how the exchange handles this now that they withdrawal have been paused it points to a serious internal loses that only with time we know the exact amount stolen.

[tabas]

The exchange recently celebrated its 8th birthday, and unfortunately, this is the gift it received.

What a gift, very bad. And that's a lot, those who's got funds again will definitely feel bad of having it there. I guess whoever the hacker did it on purpose on exact date of its birthday.

I'd like to mention Bitget's safety net. For those unfamiliar, it's a 5,500 BTC fund designed specifically for hacks and asset theft (if a hack actually occurs).

https://www.bitget.com/blog/articles/bitget-protection-fund-382m-august-2026

This Protection Fund was created back in 2022. They promised to maintain its value above $300 million. But according to the latest report, it held around $432 million, due to the rise in Bitcoin's price.
Users can apply for the recovery of lost funds. However, this doesn't happen automatically; it only happens if the exchange deems all the conditions suitable.

I didn't know that they have this but this is much better for those who's got funds and probably are now affected by the incident. I have looked at my account there and it seems withdrawals for all crypto is currently suspended.

[leonair]

Another day to remind us that not your key, not your coin; those who save their coins on Bitget exchange will see the real disadvantage of holding in an exchange.

Those who buy coins for long-term holding do not keep their coins on any exchange platform. However, those who trade or participate in any offer keep their money on the exchangers. Bitget is constantly offering different types of offers to users. Bitget has become a popular exchanger, especially for those who want to get free rewards. So now there are a lot of funds on Bitget, which is why hackers target it.

Yes, the only non-custodial wallet is a safe for crypto where no one has control over the only key to the funds that are private. But the thing is, people are very greedy, that's why they keep huge funds on exchanges for trading staking and trading competitions. And when incidents like hacking happen, they are the ones who get frustrated again.

[Sandra_hakeem]

Hope this bitget news be the last we are hearing in this season~snip

I'm afraid it's not going to be the last. Just last month, we were spooked by the sudden news from the coldcard hack--- remember this happened to a non-custodial hardware wallet and they still managed to find an excuse for it. Over $130 million was gone without a trace. This another fresh attack today, this time from a hot wallet--- $352 million worth of crypto stolen, but this time around, the cold storages are safe.  Has anyone else not seen the pattern? This is clearly an attack on crypto and wish I was wrong.

I got a newsfeed about the hack, also saw it all over twitter but I thought it was some bs story until after I verified it.

[PX-Z]

In just the same day, DuelBit Casino was hacked, and hackers stole $7m. A few minutes ago, Bitget was also hacked, and $170m was reportedly stolen, according to the report. This can be true, as different media have already published the news on X, and users are complaining that withdrawals have been suspended or encountered delays.

Damn. So many hacks happened on span of 30 days from liquid network, to other exchanges including bitget and also a casino? Wow, just wow.

We rarely see casino getting hacked, i wonder what bug or loophole was exploited here. It would be great if it will announced to the public so people and company will know where to check and focus their security.

[Charles-Tim]

That amount should not be difficult for Bitget to continue functioning because they have protection funds up to or I think more than that amount of money in coins. Let us see what will happen, but I doubt this can affect Bitget in any way.

It is highly disappointing that the rate of hacks in things related to crypto has become worse. Nobody knows which one is the next.

[Justbillywitt]

In just the same day, DuelBit Casino was hacked, and hackers stole $7m. A few minutes ago, Bitget was also hacked, and $170m was reportedly stolen, according to the report. This can be true, as different media have already published the news on X, and users are complaining that withdrawals have been suspended or encountered delays.

For now all they can do is just complain, but the honest truth is that nothing can be done about the withdrawal for now. They just have to exercise patience. When something of this nature happens, the normal response from the exchange is to suspend withdrawals, so that the hackers will not move more assets. They gave up their right to decide what happens with their coins the moment they decided to store their coins in centralized exchange. They have to follow the directives of the exchange if they are ever going to withdraw their funds there.

Another day to remind us that not your key, not your coin; those who save their coins on Bitget exchange will see the real disadvantage of holding in an exchange.

Some of them do argue that the centralized exchange do promises them 100% refund of their money if they ever get hacked, that’s why they prefer to store their assets there. Let’s see how much the people that lost their money in this attack will get as refund. Nothing is better than keeping your assets on your own.

[BitMaxz]

That's bad news. I have a few coins on their exchange and some wallet apps. If this is the hot wallet they mean from the exchange, it should not affect the Web3 wallet app, which is separated.

I am trying to login on my Bitget account; it seems it does not work right now.

I didn't notice they did announce it recently here: https://www.bitget.com/support/articles/12560603896024

I hope my funds weren't affected, but it's not going to hurt me much because if they already got hacked, that's not going to hurt me. I almost got those from free airdrops, just holding them from the exchange to later sell if the price pump.

[blockman]

The CEO - Gracy Chen is having a live stream on their X page (https://x.com/i/broadcasts/1pKdRDYojrYJW).
She said that the IP address of the hackers was traced from DPRK(North Korea), I guess that ties to one and only group there, the lazarus group. What I've heard which crypto were hacked are XRP, BNB, AVAX, ARB, USDC, USDT. I've forgot the others but some chinese media is asking questions on the chat stream. The articles might be published later. I hope that what they have said about funds are safe is real.

[Z-tight]

the bigger question now is if bitget reserve for reimbursement in such incidents can cover up for this hack and how the exchange handles this now that they withdrawal have been paused it points to a serious internal loses that only with time we know the exact amount stolen.

Pausing withdrawal is standard protocol in any custodial service after there has been a security breach. They need to do that to analyse the situation and decide what to do next. Though in many situations, some services declare bankruptcy and shut down afterwards.

However, i don't think that would be the case for Bitget, i think they can cover these losses. According to reports, what they lost is below the funds they have in their 'User Protection Fund' reserves, so i think their customers will be fine.

[Donneski]

Analysts write that Bitget has likely been hacked:

Over $170 million in assets have already been withdrawn from hot wallets and exchanged for ETH from cold wallets.

Op probably made this post before Bitget’s CEO confirmed that an unauthorized transfers happened today which resulted to the exchange losing $351.6 million. The good thing is that they also announced that their protection fund is enough to cover every lost amount.

Another exchange hack, another new reason to why crypto are strongly advised not to leave large amounts on exchanges.

[Odusko]

That amount should not be difficult for Bitget to continue functioning because they have protection funds up to or I think more than that amount of money in coins. Let us see what will happen, but I doubt this can affect Bitget in any way.

It is highly disappointing that the rate of hacks in things related to crypto has become worse. Nobody knows which one is the next.

Very correct the protection fund last update is August and the monthly high of the protection fund is put at $441.5 million and the monthly low was $345.3 millions, this record covers August 1st and August 27th, the Total balance on the protection fund reserve at the end of August was valued $432 million, and now the hacker stole amount that is little below this safety funds, so I guess everything will be ok with bitget soon.

[Franctoshi]

Analysts write that Bitget has likely been hacked:

Over $170 million in assets have already been withdrawn from hot wallets and exchanged for ETH from cold wallets.

Op probably made this post before Bitget’s CEO confirmed that an unauthorized transfers happened today which resulted to the exchange losing $351.6 million. The good thing is that they also announced that their protection fund is enough to cover everything lost amount.

Another exchange hack, another new reason to why crypto are strongly advised not to leave large amounts on exchanges.

Not only that centralised exchange are not safe and other hacks related issues recently, more lessons are being learned so far, it literally means that anything can get hacked, "But only the Bitcoin core network itself that has never been hacked"

Secondly, Regardless of your choice of storage, self custody wallets, cold storage wallet and whatever method that seems safest, never put your cryptos in one basket, in case one got attacked you have other storage wallets to fall back to.

[TastyChillySauce00]

Got money in there and yep all withdrawals suspended, no exchange is safe I guess but at least from the news the exchange said the full loss is covered by User Protection Fund, but that's a huge amount of money gone from the fund, which mean less security for their users' fund before taking hit next time exploit happen again.

It goes to show how important using exchange that have user protection fund compared to other exchange that simply don't have, having a buffer before the hacker can steal our money is always a nice thing.

The CEO - Gracy Chen is having a live stream on their X page (https://x.com/i/broadcasts/1pKdRDYojrYJW).
She said that the IP address of the hackers was traced from DPRK(North Korea), I guess that ties to one and only group there, the lazarus group. What I've heard which crypto were hacked are XRP, BNB, AVAX, ARB, USDC, USDT. I've forgot the others but some chinese media is asking questions on the chat stream. The articles might be published later. I hope that what they have said about funds are safe is real.

Past incidents shows us that recovering the money will be difficult if that is the case, but I hope they find a way.