Is Bitget hacked?

[Murat]

[bbc.reporter]

@Murat. The CEO of Bitget Gracy Chen went on live stream and talked about the hack and what they are doing to make the funds safu, however, on her face it very much appears that the funds are not safu. On the ending of the stream, it very much appears that she will pull out all of hair from stress.

It will not be very shocking for the people of this forum if Bitget will be the next exchange to bite the dust hehehehe. I hope no one in the forum has funds in this exchange!

[LogitechMouse]

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.

Well, they've already said that the lost funds have already gave back to the users with their "User Protection Fund". Yes, they've managed to gave it back, but what about the reputation of the exchange? That's the one thing that like you said, is very disappointing to see if you're a user of the exchange. It getting hacked would think you if using that exchange is still safe after what happened. The last time that a major exchange got hacked was Bybit which was around 2024. Well, it's been 2 years since a top-tiered exchange got hacked so... yeah.

Anyway, based on this article: LINK

Bitget CEO Gracy Chen said a preliminary investigation found IP addresses matching VPN choices associated with a DPRK hacking group.

So it's North Korea again that's the primary suspect just like what happened with Bybit. Kim Jong Un again has funds to fund his nuclear program, eh? If it's North Korea that's involved then it's safe to say that there's nothing that they can do about it.

[Taskford]

@Murat. The CEO of Bitget Gracy Chen went on live stream and talked about the hack and what they are doing to make the funds safu, however, on her face it very much appears that the funds are not safu. On the ending of the stream, it very much appears that she will pull out all of hair from stress.

It will not be very shocking for the people of this forum if Bitget will be the next exchange to bite the dust hehehehe. I hope no one in the forum has funds in this exchange!

Actually I don't believe the funds is SAFU. Imagine how big the amount they lost from this hacking incident. For sure it affects lot of their user and also maybe Bitget might struggle to get back in their feet if they cannot recover that stolen funds.

They said that for mind conditioning and to avoid being pressured by their traders or people still have money deposited in their exchange.

So yeah there's high possibilities that Bitget will bite the dust here. That's why its good for people to avoid leaving their funds on centralized exchange, since they might experience this situation.

[bbc.reporter]

Anyway, based on this article: LINK

Bitget CEO Gracy Chen said a preliminary investigation found IP addresses matching VPN choices associated with a DPRK hacking group.

So it's North Korea again that's the primary suspect just like what happened with Bybit. Kim Jong Un again has funds to fund his nuclear program, eh? If it's North Korea that's involved then it's safe to say that there's nothing that they can do about it.

Heheheheh yes, what if this is an inside job and the proof they are showing is fake. We cannot also remove the speculation that Bitget might be doing something similar to FTX because it is also being rumored that they also have their own private marketmakers that are trading against their customers. What if these marketmakers used too much leverage and has also lost much funds on October 10, 2026.

There was a rumor that the marketmaker Wintermute is swimming naked after the big dump occurrence on October 10. I presently will not be shocked if the naked swimmers are the marketmakers of Bitget and now they are stealing customer funds very much similar to FTX!

[SamReomo]

@Murat. The CEO of Bitget Gracy Chen went on live stream and talked about the hack and what they are doing to make the funds safu, however, on her face it very much appears that the funds are not safu. On the ending of the stream, it very much appears that she will pull out all of hair from stress.

It will not be very shocking for the people of this forum if Bitget will be the next exchange to bite the dust hehehehe. I hope no one in the forum has funds in this exchange!

Hackers are using AI these days to perform intense level hacks. Any security vulnerability in an exchange will give hackers access to the funds; they don't care about the ones who will suffer such hackers will drain the funds as soon as they can. This time it happened to Bitget and previously it happened to other exchanges as well. That's why it's safe to say that keeping your funds at an exchange was risky, is risky, and it will always be risky.

Especially in such times when LLMs and AI agents are reaching peak of intelligence, I don't think any site on internet is safe especially the exchanges. In past few months we've read many such incidents happening in crypto world so it's better to not leave our money at the exchanges. Fortunately the users might not suffer a lot thanks to User Protection Fund of Bitget but still because of the hack now majority of users won't trust Bitget.

[oll]

Bitget has already dismissed the private key version and is writing about the wallet service's backend system. However, the final, accurate version will be released soon.
https://x.com/GracyBitget/status/2103284083363398137

In the wake of XRP, someone in X is already blaming the North Korean hacker group Lazarus Group, or more precisely, their division TraderTraitor, for hacking AFX for 24 million:


https://x.com/SpecterAnalyst/status/2103286738961486186



After 2 hours it was officially confirmed:
https://x.com/GracyBitget/status/2103359775723626736

I really like the approach taken by Bidget, which previously created such a large-scale user protection insurance program and immediately officially announced that it would use it to help with the current attack.

The exchange previously celebrated its 8th anniversary with a picture of a mountain climber reaching the top. Now, X users have taken advantage of this image with humor. I'll point out in advance that situations involving theft aren't funny, but since everything worked out in this case, it's time to have a little laugh...

[Alpha Marine]

When people were using the coldcard situation to make a case of why we should keep our coins in a centralised exchange and not self custody, I said it would only be a matter of time before a popular CEX would be hacked.
It's sad to see this happening, but for those who believe centralised custody is better simply because you can lose your coins in self custody, I hope they can see that the CEX gets hacked too.
As much as I hate to admit it, we will still see more hacks like this.

[OsaiEmma]

@Murat. The CEO of Bitget Gracy Chen went on live stream and talked about the hack and what they are doing to make the funds safu, however, on her face it very much appears that the funds are not safu. On the ending of the stream, it very much appears that she will pull out all of hair from stress.

It will not be very shocking for the people of this forum if Bitget will be the next exchange to bite the dust hehehehe. I hope no one in the forum has funds in this exchange!

Nah....that's not true, I doubt any major crypto company will fold in this day and age due to a hack. This is a well known issue in the industry, and most of the companies are ready to face such issue with good contingencies.

Bitget has already dismissed the private key version and is writing about the wallet service's backend system. However, the final, accurate version will be released soon.
https://x.com/GracyBitget/status/2103284083363398137

Yeah, it wasn't a private key exposure, but rather a spoof withdrawal transaction request. According to this article from coin desk. Gracy Chen described it as a digital form of fake check or forged bank teller.

I honestly don't know if I would say it is worst or better that it's a spoof withdrawal transaction hack and not a private key leak, because this is clearly a backend issue and this basically is a defect from the base layer which should be the most protected area. These hackers are becoming more prominent by the day.

[$crypto$]

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.

Bitget's Protection Fund can be verified with a total of 5500 BTC.
https://www.bitget.com/promotion/protection-fund

https://blockchair.com/bitcoin/address/3AZHcgLnJL5C5xKo33mspyHpQX7x4H5bBw
https://blockchair.com/bitcoin/address/3H6JnFoz5jcoATKQ83BuQ3cUUCHswqfgtG
https://blockchair.com/bitcoin/address/3KUwtHc5UhWQ76z6WrZRQHHVTZMuUWiZcU

Overall, Bitget will not be run as a scam, but with losses reaching $350m is a huge amount.

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.

I don't think so, keeping assets on the exchange for too long is a bad idea, even though they have a protection fund your funds remain unsafe --- today withdrawals are suspended, we don't know yet when this will be activated again, while for Bitget deposits it can still be, this is Strange.

[RGBTC]

Indeed, a series of hacking incidents over the past few years all point to a single group, one that is beyond the reach of any legal jurisdiction and unable to publicly refute the allegations. On average, it takes only one or two hours of investigation to reach a conclusion that strikes me as too simplistic; the question is, why does it always have to be the same group? After all, don't they face limitations in terms of facilities?

[macson]

​Cryptocurrency exchange Bitget disclosed today that suspected North Korean hackers have stolen $351.6 million from its hot and warm wallets.

Bitget’s cold wallets and the overwhelming majority of platform assets remain secure and unaffected

As usual, they'll just blame North Korea and then say that users' assets are still safe. So classic.

[DaveF]

​Cryptocurrency exchange Bitget disclosed today that suspected North Korean hackers have stolen $351.6 million from its hot and warm wallets.

Bitget’s cold wallets and the overwhelming majority of platform assets remain secure and unaffected

As usual, they'll just blame North Korea and then say that users' assets are still safe. So classic.

Why would they not be? They have their User Protection Fund that at the moment has more then enough to cover this.
Not defending them, just saying that at this point they still have more then $100 million more sitting there to cover things like that.


Makes you wonder which is actually cheaper to sit on that much BTC as a "we got hacked" or "we screwed up" fund vs paying for insurance and doing other things with that much BTC that could generate more money.

-Dave

[hedgeh0g]

I see a lot of skepticism in the community, including the idea that the exchange could have "robbed itself." Hmm, I don't think that's plausible in the age of AI hacks, as I don't see any point in such an exchange risking its reputation.

Regarding updates: Bitget's CEO promises to provide a plan for resuming withdrawals by tomorrow (04:00 UTC).
The total damage estimate has increased from $351.6 million to $387.5 million after accounting for Zcash and TRON assets.
The exchange has launched a reward program: 5% of the hackers' frozen funds and 5% of the recovered funds. Rewards are also available for any freezes already made.

https://x.com/GracyBitget/status/2103487508147491014

[Lucius]

I see a lot of skepticism in the community, including the idea that the exchange could have "robbed itself." Hmm, I don't think that's plausible in the age of AI hacks, as I don't see any point in such an exchange risking its reputation.
~snip~

The only reputation they have for me personally is based on the thousands of shills who were paid to spam their links wherever possible, including this forum. Accordingly, I would not be surprised if this is an inside job with the aim of attracting attention and of course immediately blaming North Korea, although they probably have no evidence for this.

[SeriouslyGiveaway]

The CEO of HyperLiquid predicted that Bitget will be a next FTX, three years ago.
Three years later, Bitget has this very big hack, will they be able to come back after this incident?

Like Coldcard, founders and team members ignored warnings.

You can read his post.
https://x.com/chameleon_jeff/status/1643610595848261632

1/ Huge respect for Dragonfly continuing to invest in the bear market.

But I'm morally obliged to call out sketchy projects gaining momentum.

As a community we must preempt large scale implosions like #FTX or #LUNA that set the industry back years

Bitget may be the next FTX 🧵

2/ About half a year ago we tried HFT on Bitget and quickly noticed their matching engine is dishonest. I'll give specific examples later in the thread.

I later learned from an ex-Bitget team member that they handled retail taker flow by just B-Booking through an internal desk.

3/ This is way worse than the usual allegations of CEXs having an internal MM desk.

Masquerading as an order book exchange to your customers while you secretly use a different structure behind the scenes is unequivocally unethical. It's probably illegal in any jurisdiction.

4/ Furthermore, the motivation behind this dishonesty was profits. Retail flow, especially with copy trading amplifying the swings, is hugely profitable to trade against.

Bitget did not onboard external MMs for a long time because they were profiting from the flow themselves.

5/ How am I confident this happened?

A simple example: we would have an order out on the top of the book, and literally see trades executing at farther prices while our order chilled there. Anyone looking at the UI could've seen this at the time.

6/ I don't know if they've cleaned up their act since then, because we immediately ceased all operations on the exchange once we saw the sketchy behavior.

Even if it's better now, the ethical concerns still stand. I wouldn't touch the exchange with a 10 foot pole.

7/ A project that thinks this is an acceptable way to run an exchange should not be getting more funding to expand.

This is hard to see as an investor, so it's especially important that traders with first hand experience keep exchanges honest.

The crypto space deserves better!

Not just questioning the matching engine, rather the entire team and operation. Matching engine doesn't matter if you bypass it entirely

Care to address the whole trading against your customers thing? Or freezing APIs and VIP tiers of profitable accounts?

[Renampun]

When the Bitcoin market is doing well, then we are hit with negative news like this.. and the total loss is no small matter, $351 million dollars, which is such a large amount.. although Bitget's CEO claims that they are handling this issue professionally and blames North Korean hackers for the attack and assures that users' assets are fully safe, still, the amount of loss is very large and hopefully it will not have such a bad impact on their operations because Bitget is quite widely used by people and if an exchange is this big collapse, it will impact millions of users and maybe it could impact the market, even if it's not that significant.

[PostQuantumBTC]

When the Bitcoin market is doing well, then we are hit with negative news like this.. and the total loss is no small matter, $351 million dollars, which is such a large amount.. although Bitget's CEO claims that they are handling this issue professionally and blames North Korean hackers for the attack and assures that users' assets are fully safe, still, the amount of loss is very large and hopefully it will not have such a bad impact on their operations because Bitget is quite widely used by people and if an exchange is this big collapse, it will impact millions of users and maybe it could impact the market, even if it's not that significant.

It is better Bitget should make no complain at all, the exchange said they have over $400 million in protecton fund which is higher than the amount that has been compromised.

I think if the protection fund is active, why do they disable withdrawal? Bitget users supposed not to get affected at all, but withdraw was disabled.

Not your key not your coin.

[Zaguru12]

Actually I don't believe the funds is SAFU. Imagine how big the amount they lost from this hacking incident. For sure it affects lot of their user and also maybe Bitget might struggle to get back in their feet if they cannot recover that stolen funds.


So yeah there's high possibilities that Bitget will bite the dust here. That's why its good for people to avoid leaving their funds on centralized exchange, since they might experience this situation.

The reason why most people believe them is that Bitget Protection fund is around $464 million that is enough to cover the reported ~$350 million stolen except they were actually lying about having that amount as their protection fund which will be the end of that exchange if it is lie. Yes the withdrawals are suspended for now but I believe that they will be able to open it soon.

I don’t think this might take Bitget to dust because exchanges like Bybit just 18 months ago actually lost more to their own hack than this. There amount was reports around $1.5 billion which is almsot 4x of biget and they survived from it. So most probably bitget can survive too.

Accordingly, I would not be surprised if this is an inside job with the aim of attracting attention and of course immediately blaming North Korea, although they probably have no evidence for this.

Is it not the same story they told about hacker tricking the exchange signers to authorize the transactions, this alone screams insider having a hand in it.

[Z-tight]

When people were using the coldcard situation to make a case of why we should keep our coins in a centralised exchange and not self custody, I said it would only be a matter of time before a popular CEX would be hacked.

I am not sure this incident is a good advertisement for self custody, because Bitget customers are apparently not going to lose their money through this hack. If it was a larger amount, then maybe.

Yeah, self-custody is the recommended way to store crypto, but i don't like to rub it in people's faces when they lose their money, irrespective of where and how they lost it. It is just a shame that Coinkite were so stupid to allow that flaw to ruin people's lives.