Bitget CEO Gracy Chen affirms IPO plans despite $387.5M security breach

Bitget just suffered one of the largest exchange hacks of 2026, losing $387.5 million in unauthorized withdrawals. CEO Gracy Chen’s response: the company still plans to go public within three years. The breach, detected on September 24 at 18:31 UTC, drained funds from both hot and warm wallets using spoofed transaction data. Among the stolen assets were approximately 103 million XRP, worth roughly $157 million, along with ETH and USDT. Cold wallets were not compromised, and no private keys were exposed. Inside the breach The initial damage estimate came in at $351.6 million, but that figure was revised upward to $387.5 million after Bitget recovered additional assets on Zcash and TRON networks. Chen disclosed that the attack’s fingerprints resemble previous operations attributed to North Korean hacking groups. That assessment is based on IP address analysis and transaction pattern tracing, prompting Bitget to inform law enforcement and launch an on-chain tracing initiative. Bitget has brought in Mandiant and SlowMist to investigate the breach and patch whatever gaps the attackers exploited. Withdrawals remain suspended while the platform shores up its defenses. The $464 million saf...