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A crypto exchange lost 387.5 million dollars this week, and no private key was ever stolen. Here is how.
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Bitget disclosed the breach on September 24, 2026, first estimating 351.6 million dollars in losses.
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By September 25 the confirmed total rose to 387.5 million dollars across seven blockchain networks.
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Hackers did not steal keys. They spoofed Bitget's backend system to fake authorized withdrawals.
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Only hot and warm wallets were hit. Bitget says its offline cold wallets stayed untouched.
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Investigators link the attack to North Korea, whose hackers stole over six billion dollars in crypto to date.
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Bitget is covering every dollar from its 464 million dollar Bitcoin-backed Protection Fund.
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Withdrawals are returning in stages, bitcoin first, with full service expected by October 2.