The Bitget hack has taken a major toll on XRP, with more than 102.9 million XRP worth $157.48 million drained from the exchange. Bitget has officially confirmed it suffered a massive multi-chain security breach, accounting for an estimated $351.6 million loss.
XRP Takes the Biggest Hit in Bitget Hack
XRP suffered the largest loss among the assets affected by the Bitget hack. According to on-chain data platform Lookonchain, attackers drained exactly 102,926,478 XRP, worth around $157.48 million at the time of the incident.
The amount was far higher than the other major assets affected. Bitget lost around 31,890 ETH worth $85.75 million, while USDT losses stood at $34.75 million and USDC losses reached $21.06 million.
The gap shows why XRP stands out in the attack. Its stolen value was almost twice that of ETH, the second-largest asset affected.
Other losses included 19.67 million USDT0, 3,000 XAUt, 12,719 BNB, 821,012 AVAX and 20.59 million TRX.
The total value identified by Lookonchain reached around $356.86 million, slightly above Bitget’s reported $351.6 million figure.
How the Bitget Hack Happened
Bitget CEO Gracy Chen said the exchange detected unauthorized transfers at 18:31 UTC on September 24 and immediately activated its emergency response. Withdrawals were also temporarily suspended.
According to preliminary analysis, the attackers did not directly steal Bitget’s private keys. Instead, they reportedly compromised a backend system connected to the exchange’s wallet infrastructure.
The hackers then spoofed transaction data and manipulated the transfer history. This allegedly tricked Bitget’s automated withdrawal system into approving unauthorized transactions.
After the funds left the affected wallets, the attackers quickly moved and swapped several assets through decentralized protocols, including UniswapX and 1inch.
As of now, Bitget’s internal security team, working with blockchain security firms such as Mandiant and SlowMist, strongly suspects that the state-sponsored North Korean Lazarus Group may be behind the incident.
What Is the Current Update?
Bitget has said user balances remain 100% safe, and the Bitget User Protection Fund, which holds more than $464 million, is sufficient to cover the reported losses.
Meanwhile, deposits and other services on Bitget Exchange are also operating normally.
However, withdrawals have been temporarily suspended while the exchange carries out an additional security review. Bitget said withdrawals will resume as soon as the review confirms it is safe to do so.
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