Is Bitget hacked?

[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.

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

Not only difficult but impossible if they have the suspicion and pointing it to the hackers from the DPRK.

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.

This is also my question but the CEO doesn't have a clear answer to it. Unlike the response of bybit when they have been hacked, Ben allowed the withdrawals to come and they've said that they took loans just to sustain the withdrawals for all customers want their funds out. If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

[JeromeTash]

Back in the day with such hack? Bitcoin would have dropped by over 20% in a few hours and we would be having the whole crypto market bleeding red for the next few days but I guess that is not the case anymore

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:

Next they will come for the no-KYC crypto exchanges, and some of them will even be sanctions. I have seen this script before...

[Z-tight]

If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

It is not unusual for custodial services to pause withdrawals after a security breach, customers would only start to worry if withdrawals stay down for a long time. However, it is possible they have blocked withdrawals to prevent a 'bank run', which would put them in more trouble. Since the natural instict after a hack is for people to withdraw their money in numbers, they could have stopped withdrawals to slow that down and open it when people are calmer.

[goldkingcoiner]

Back in the day with such hack? Bitcoin would have dropped by over 20% in a few hours and we would be having the whole crypto market bleeding red for the next few days but I guess that is not the case anymore

The more people put their money into Bitcoin, the harder it becomes for whales to cause such drops. Market manipulation during the time when Bitcoin was still very young with a far lower market cap.

But now a whale dumping is a drop on the hot stone. Nothing dramatic.

[blockman]

If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

It is not unusual for custodial services to pause withdrawals after a security breach, customers would only start to worry if withdrawals stay down for a long time. However, it is possible they have blocked withdrawals to prevent a 'bank run', which would put them in more trouble. Since the natural instict after a hack is for people to withdraw their money in numbers, they could have stopped withdrawals to slow that down and open it when people are calmer.

That is the only for them to stop the draining of funds and that's why all outlets of withdrawals and cryptos that possibly the hackers have accessed with have been suspended. I just can't stop comparing on bybit handled their situation and on how bitget is handling it right now. 24 hours has already passed and they should have allowed users to withdraw and lift the suspension of each of crypto or at least do it gradually for their customers to have a peace of mind. Watching what their next move is.

[nelson4lov]

Back in the day with such hack? Bitcoin would have dropped by over 20% in a few hours and we would be having the whole crypto market bleeding red for the next few days but I guess that is not the case anymore

No lies told. But at the same time, the Clarity Act failed to pass, and the Fed hiked rates for the first time since 2023, and what did the market do? We held strong and even continued to grind higher. In the past, the Clarity Act failing to pass would have taken us 10 - 20% lower. The same with the Fed hike.

My point is that Bitcoin and the market are becoming resistant to negative news that it used to be sensitive to, which might be a sign that the market is maturing.

[RGBTC]

This is also my question but the CEO doesn't have a clear answer to it. Unlike the response of bybit when they have been hacked, Ben allowed the withdrawals to come and they've said that they took loans just to sustain the withdrawals for all customers want their funds out. If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

That amount will not cover 100% of lost user funds, it simply won't. They manage those funds independently, without external intervention, and likely enforce usage limits in the event of a major hack. They are clearly striving to ensure this incident does not touch the SAFU reserves at all, or if absolutely necessary only a small fraction of them. So, I wouldn't view SAFU as an absolute guarantee, even though they hold substantial reserves.

Unlike bank deposit insurance, crypto exchange protection funds are voluntary and not guaranteed by authorities,

https://pluang.com/en/news-feed/dana-perlindungan-pertukaran-kripto-apa-yang-melindungi-anda

[KingsDen]

In just the same day, DuelBit Casino was hacked, and hackers stole $7m.

What?
I saw a thread about Duelbit, I couldn't open it... So, it was actually a hack.
It's been a while I heard about casino hack, it's been exchanges lately.

Back in the day with such hack? Bitcoin would have dropped by over 20% in a few hours and we would be having the whole crypto market bleeding red for the next few days but I guess that is not the case anymore

That's very true. We can only say that the industry is very much matured now... You could imagine US Congress voting against Clarity Bill and the market still exploded.

This shows that bitcoin has well integrated into the economy. Whatever affects the economy, bitcoin will not be an exemption. For instance, if anything makes gold or other major assets to lose price, bitcoin is also dropping in price. This is the global adoption we've clamoured for years.

[cryptoaddictchie]

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.

Yes thats true. I didnt expect the news about bitget being exploited just like that as this is one of the top cex being used by users. This will be another recorded of cex being on the spotlight after the bybit hack last time.

As much as possible everyone must treat cex as risky platform even the safest and biggest one. I once trusted that a giant like bybit is already a safe haven for coins and tokens but eventually got compromised too.

[shinratensei_]

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

Even ZachXBT called out on several highly manipulated coins in Bitget that the platform simply letting it slide, I wouldn't be surprised if Bitget truly become next FTX, I trust Jeff more than these CEXs CEO, but for context, after jeff said that, Gracy Chen retaliated and calling Hyperliquid FTX 2.0 when that comments appear. I think these comments take place when JELLYJELLY token attack happen.

But at the very least I acknowledge that it's different to FTX, it was a hacking and FTX is mismanagement on user's fund. Not necessarily going to be the next FTX anytime soon but plausible. One important thing, always avoid holding money on CEXs. People go to CEX after Coldcard hack right now are eyeing to buy hardware wallet again .

[DanWalker]

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

Not only difficult but impossible if they have the suspicion and pointing it to the hackers from the DPRK.

If you look closely, most hacks involving exchanges are suspected to be linked to North Korean hackers, and in most cases, the stolen funds are never recovered afterward. Convenient, huh.

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.

This is also my question but the CEO doesn't have a clear answer to it. Unlike the response of bybit when they have been hacked, Ben allowed the withdrawals to come and they've said that they took loans just to sustain the withdrawals for all customers want their funds out. If the hack of $351M for bitget happened and they have $464M of protection funds, they should have reacted asap and allowed to pay that for all users wanting to withdraw.

Simple, the issue just isn't fully resolved yet.

Bitget already explained that the temporary withdrawal suspension is just a security measure, not an issue with users' asset liquidity.
They also said the withdrawal recovery plan will be announced before 4:00 UTC on Sep 26.
https://www.chaincatcher.com/en/article/2292302
https://www.techflowpost.com/en-US/newsletter/137863

[BALIK]

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

Even ZachXBT called out on several highly manipulated coins in Bitget that the platform simply letting it slide, I wouldn't be surprised if Bitget truly become next FTX, I trust Jeff more than these CEXs CEO, but for context, after jeff said that, Gracy Chen retaliated and calling Hyperliquid FTX 2.0 when that comments appear. I think these comments take place when JELLYJELLY token attack happen.

But at the very least I acknowledge that it's different to FTX, it was a hacking and FTX is mismanagement on user's fund. Not necessarily going to be the next FTX anytime soon but plausible. One important thing, always avoid holding money on CEXs. People go to CEX after Coldcard hack right now are eyeing to buy hardware wallet again .

An exchange running into trouble doesn't automatically make it the next FTX. Imo we shouldn't overreact to incidents like this and rush to lump it in with FTX cause every case is way different in scale, nature, and cause.

The hack caused real damage, sure, but compared to Bitget's overall size it's not enough to sink them. They're top 5 with derivatives volume hitting $8b a day. So there's really no need to make exaggerated predictions and scare users for no reason.

So far they've kept updating and communicating with the community and users. They haven't really shown any signs of dodging responsibility like Coldcard did. So let's look at this fairly and objectively.

[RGBTC]

Take a deep breath, it looks like yet another exchange platform is about to face an investigation by the authorities.

Attackers used some Binance based (OTC or instant exchanges) service to swap 2.6 million stolen TIA from Celestia chain to ETH mainnet.

https://x.com/i/status/2103739461846946127

As far as I know, Binance's OTC feature also requires KYC. So, will the hacker be easily identified? The story is getting interesting.

[Alpha Marine]

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.

I wasn't rubbing it in people's faces, nor did I say users will lose their money, I was only saying what I have been saying to people who are against self-custody. Whenever they talk about centralised custody, they don't talk about the risk that comes with it either. They only talk about the good side of it, then mention how dangerous self-custody is.
Both self-custody and centralised custody carry risk, but in one, you have total control of your money and have the power to mitigate the risk.
I would never use people's misfortune to score cheap points. 

[Z-tight]

Both self-custody and centralised custody carry risk, but in one, you have total control of your money and have the power to mitigate the risk.

Yeah true, and it is not so difficult to safely store your coins in your self custodial wallet, as long as you don't fall victim to a $5 wrench attack or be unfortunate to fall victim of something similar to the Coldcard hack. The thing is, one of the major reasons i adopted BTC is because i want to be my own bank, so it'd be stupid for me to be in the network, yet still store my funds like it is my fiat in a bank.

[sergiorus]

Take a deep breath, it looks like yet another exchange platform is about to face an investigation by the authorities.

Attackers used some Binance based (OTC or instant exchanges) service to swap 2.6 million stolen TIA from Celestia chain to ETH mainnet.

https://x.com/i/status/2103739461846946127

As far as I know, Binance's OTC feature also requires KYC. So, will the hacker be easily identified? The story is getting interesting.

They also used ''Metamask Swap'' feature integrated in the wallet, which charges almost 1% per swap. That's absolutely ridiculous and amauterish of them, considering it only takes 2 more clicks to open 1inch or Cowswap and swap the assets there without losing almost 1% one every swap. They used Circle's official CCTP bridge too.

It's probably silly to assume the hackers were amauters though, so I suppose the hack was very chaotic, perhaps even surprising. Maybe they were playing around without expecting to find such a vulnerability then panicked and decided to do everything the fastest way, even if they are expensive or risky. The plan clearly was to concentrate funds as fast as possible no matter how much would be lost to freezings, fees and slippages.

[SeriouslyGiveaway]

An exchange running into trouble doesn't automatically make it the next FTX. Imo we shouldn't overreact to incidents like this and rush to lump it in with FTX cause every case is way different in scale, nature, and cause.

No. You got it wrong.
That call was made three years ago, not now in 2026, not days ago after this hack.

Jeff warned that Bitget will possibly be a next FTX after he tried to use the exchange with HFT, and found severe wrong manipulations from Bitget bookmaker. With such things, his warning was reasonable as he and we would never know what will actually happen with an exploitation done by hackers.

At least, and very fortunately, after the FTX and Terra bankruptcies, this cryptocurrency exchange industry changed a lot, with Proof of Reserves, and Protection Funds so that exchanges have enough money to compensate their users after security hacks.

Another thing that is helpful for Bitget is their reserve is in bitcoin, not like FTX with most money in their exchange token FTT that crashed within days, and unlike Terra with not enough fund for such incidents.

[Mayor of ogba]

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.

I was shocked when I heard that Bitget exchange and DuelBit casino was hacked on the same day. It seems hackers were in full operation on Thursday and Bitget and DuelBit was the platforms they were able to penetrate and stole their funds. It's high time centralized platforms tightened their security because if hackers find any vulnerability in their security they will pay dearly for it. People are aware it's very risky to store coins on centralized exchanges, so if there are people who lost their coins on Bitget exchange now that they have learned the hard way they will stop storing their coins on centralized exchanges.

[Just Say]

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.

In fact in recent times we have noticed that there have been several exchange and wallet hacks in the cryptocurrency world,one of which is on non-custodial wallets like ColdCard, Bitget Exchange and Blink Wallet have also been hacked resulting in users losing their accumulated crypto assets It even appears that crypto casinos like Duelbits have been hacked. The main thing is over 1800 bitcoins have been hacked from ColdCard and around $352 million has been hacked from the Bitget exchange. However note that Bitget suspended withdrawals after the hack, but they have now made it possible for customers to withdraw their deposited cryptocurrencies periodically.

The temporary withdrawal pause remains a security measure and is not related to the availability of user assets. User account balances remain unaffected, and Bitget's Protection Fund covers the financial impact of this platform-wide incident.

Withdrawals will resume in an orderly manner once these security checks are completed.

The current withdrawal resumption schedule is as follows:
> Sep 28, 8:00 (UTC): BTC (Bitcoin Network)
> Sep 29, 8:00 (UTC): ETH (Ethereum, BSC, Arbitrum, Base, Optimism)
> Sep 30, 8:00 (UTC): USDT (Ethereum, BSC, Solana, Tron)
> Oct 2, 8:00 (UTC): Other Tokens / Fiat / P2P

https://x.com/bitget/status/2103695497458557342

[PostQuantumBTC]

I was shocked when I heard that Bitget exchange and DuelBit casino was hacked on the same day. It seems hackers were in full operation on Thursday and Bitget and DuelBit was the platforms they were able to penetrate and stole their funds. It's high time centralized platforms tightened their security because if hackers find any vulnerability in their security they will pay dearly for it.

I am not surprised at all because I know another gambling site and exchange will be hacked, it is only a matter of time they will happen.

People are aware it's very risky to store coins on centralized exchanges, so if there are people who lost their coins on Bitget exchange now that they have learned the hard way they will stop storing their coins on centralized exchanges.

I do not think anybody will lose money on Bitget because of the protection funds. The exchanges will later resume operation but what if someone need the money the day the exchange was hacked to do something important, the person will not have access to his own money. That is very bad from Bitget despite their protection fund or whatever.