Unchained · Friday, October 2, 2026
Crypto exchange Bitget has experienced a major hack, losing approximately $387 million. The funds were likely stolen by the Lazarus Group, an entity linked to North Korea. Bitget has confirmed they have sufficient funds in their insurance pool to cover all user claims and have begun processing withdrawals.
“BitGet is one of the biggest exchanges in the world, top five in any given day with respect to derivatives volumes. They got hacked about $387 million that was hacked from BitGet, very likely attributable to the Lazarus Group.”
“BitGet, it seems to have mostly affected their hot wallets slash warm wallets. There was some kind of infrastructure-linked hack. The details aren't fully clear yet, but they stole a bunch of different assets out of these hot wallets.”
“Now, BitGet, thankfully, they are a very profitable company. They're quite solvent. They had $460 million set aside in an insurance fund slash user protection fund, so that was enough to fully pay out all the claims.”