Cryptocurrency exchange Bitget raised its loss estimate to $387.5 million on Friday, up from the $351.6 million disclosed a day earlier, making the incident the largest digital-asset theft recorded this year. The revision adds assets on Zcash and TRON that the initial tally missed, though the exchange says no new unauthorized movements have been detected.
Hot wallets compromised, withdrawals paused
Bitget said its systems flagged unauthorized transfers from a limited set of hot wallets on Thursday, prompting an emergency response and a suspension of withdrawals. Trading and deposits continue normally, the company said, and customer balances are unchanged. A withdrawal restoration plan is scheduled for Saturday at 4 a.m. UTC, pending additional security checks.
User Protection Fund cited as backstop
The exchange points to its User Protection Fund, which it says holds more than $464 million, as sufficient to cover the shortfall. That figure comes from Bitget’s own disclosures; the composition and custody of the fund have not been independently verified on-chain. The company has not published wallet addresses or a proof-of-reserves attestation tied to the fund.
North Korea link alleged by CEO
Chief executive Gracy Chen told a livestream audience that VPN IP addresses associated with a North Korean hacking group appeared in the attack traffic, and that the pattern resembled earlier intrusions attributed to that actor. CNBC reported the remarks; Bitget’s public statements have not named a suspect. The investigation remains open and the loss figures may shift as transaction tracing continues.
Year-to-date thefts surpass $2.1 billion
Before Friday’s update, TRM Labs data cited by the Financial Times showed $1.73 billion stolen across 333 incidents targeting crypto entities in 2026. Bitget’s revised total pushes the running tally above $2.1 billion, with more than three months left in the year.