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BetGateway breach causes $352M theft
Cryptocurrency trading platform "BitGet" was subjected to a security breach resulting in the theft of approximately $352 million from its wallets. This led the platform to temporarily suspend withdrawal operations while continuing trading and deposit services. The company confirmed that users' funds are fully secure and that the losses are fully covered by the User Protection Fund, which exceeds $464 million. Initial investigations revealed that hackers managed to breach a backend system and manipulate transaction data to execute withdrawals without needing private keys, while offline wallets remained secure. It is believed that North Korea-linked attackers are behind the attack, which is considered the largest in the digital assets sector in 2026. The incident comes amid growing concerns about the security of centralized platforms and hot wallet infrastructures. Established in 2018 and serving over 120 million users, the platform is seeking to resume withdrawals after completing the security audit and releasing the final report.
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