Cryptocurrency exchange Bitget has disclosed that approximately $351.6m was lost after hackers gained unauthorised access to part of its wallet infrastructure.

The exchange said its security systems detected unauthorised transfers from some of its hot wallets at 18:31 UTC on Thursday, September 24, prompting it to activate its emergency response protocols.

In an initial security notice signed by Bitget CEO, Gracy Chen on Thursday, the exchange said the breach was limited to part of its hot and warm wallet layers, while its cold wallets remained secure.

“Estimated funds affected: approximately $351.6 million,” Bitget said.

The exchange said withdrawals were temporarily suspended as a precaution, while deposits and trading remained operational.

It also assured users that the loss was covered by its User Protection Fund, which it said held more than $464m.

“User funds are safe. The full amount of this loss falls within the coverage of Bitget’s User Protection Fund, which currently holds over $464 million,” Bitget said.

In a subsequent update, Chen disclosed more details about how the attackers moved the funds, saying they had compromised a critical backend system within Bitget’s wallet infrastructure.

“The attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization process to move funds out,” she said.

Chen said the investigation had ruled out a compromise of private keys and that further unauthorised transfers had been prevented.

“Private key compromise has been ruled out, this excludes the more severe risk scenarios. Loss containment is confirmed. No further unauthorized transfers are possible,” she said.

However, Bitget said the specific method used to gain access to the backend system remained under investigation, with a full technical report to be released once the findings were confirmed.

The exchange later disclosed that the affected assets included ETH, XRP, BNB, AVAX, USDT, USDC and other tokens across the Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC and Base networks.

“All on-chain cold wallets have been confirmed secure and unaffected,” Chen said during a livestream with users.

She also said Bitget had contacted the foundations of the affected blockchain networks, with some confirming the freezing of wallet addresses linked to the attackers.

On the possible identity of the attackers, Chen said Bitget’s analysis had found similarities with known North Korean hacking operations.

“Based on IP behavior patterns and on-chain analysis, the attack method in this incident is highly consistent with known patterns of North Korean hacker organizations,” she said.

She added that the exchange had reported the matter to relevant institutions and was cooperating with a global investigation.

Chen also clarified that Bitget Wallet, the exchange’s decentralised wallet product, was not affected by the incident.

“Bitget Wallet operates completely independently from Bitget exchange infrastructure, and this incident has no impact on it whatsoever,” she said.

On the restoration of withdrawals, Bitget said several technical teams were working on system remediation and security hardening, but that it would not announce a timeframe until one was confirmed.

“Our goal is to complete a full recovery as soon as possible. We will announce the specific time window immediately upon confirmation. We will not commit to timelines we cannot deliver on,” Chen said.

Bitget said it had also notified law enforcement agencies and on-chain security firms and was pursuing available channels to contain the incident and recover the affected assets.

The exchange had earlier said it would provide hourly updates and publish a full incident report, including its root-cause analysis and corrective actions, within 24 hours.

Source: punchng.com

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The Minister of Works, David Umahi, has asked governors of Anambra and Delta states, to monitor the scrap market in their states closely to avoid further theft and vandalism of critical infrastructure at the First Niger Bridge.

Umahi stated this on Wednesday during an on-the-spot assessment of the ongoing rehabilitation work at the Onitsha end of the bridge, linking Anambra and Delta states.

He decried the activities of vandals at the bridge, lamenting that the Federal Government had spent huge amount of money fixing the vandalised bolts and nuts as well as expansion joints at the bridge.

Recall that the bridge was closed to traffic from September 7 to 21, for emergency rehabilitation following the discovery of vandalised structural components, including bolts, nuts and portions of its expansion-joint steelwork.

The closure, initially scheduled to end on September 21, was extended by one week due to persistent rainfall affecting the rehabilitation work.

He said, “We will write to the governors of Anambra and Delta states to tell them to monitor the scrap market closely. When I was governor, I banned all scrap activities in Ebonyi State because they contribute to the vandalisation of public infrastructure.

“Vandalism is costing the government huge sums of money. Look at the expenses vandals have incurred for us as a result of their activities.

“We are also urging the people to see the protection of the critical infrastructure as a collective responsibility, with a view to ensuring it is protected from vandals. When they see vandals, they should alert the security agencies.”

Addressing the media, Umahi also directed the removal of all illegal advertisement billboards on the bridge and ordered them to be replaced with the pictures of President Bola Tinubu as reward for the “good works” the President is doing for the South-East region.

The minister also assured residents that the bridge would be reopened next week, when the rehabilitation works are completed, insisting that the Federal Government would not be stampeded into opening the bridge until basic things were done.

He also reiterated the ban on illegal sand dredging activities around the bridge, explaining that such activities constitute dangers to the integrity of the bridge.

He said he had directed the Bridge Director to do a letter for to be sent to the Chief of Army Staff, the IG of Police, the Chief of Naval Staff, the Commandant of Civil Defence, the Federal Executive Council to pass a directive that no dredging of sand near any of the bridges nationwide within 10 km.

Umahi commended the contractor, SKECC, for the progress recorded, saying the vandalised bolts had been replaced and secured, adding that the specialised expansion joint vandalised from the bridge had also been manufactured, flown into the country and replaced.

“We won’t be stampeded into opening the bridge until the basic things are done. So far, we are satisfied with the job done on the bridge, which included the installation of CCTV cameras, streetlights, asphalt and reconstructing of the carriageway and walkways, the expansion joints, bolts and others.

“All the elements of the bridge will have to be repainted with grey. Once we are done with rehabilitation works, I want all the illegal advertisements on the bridge to be removed. The bridge will be beautified and placed with the pictures of Mr President for the good works he is doing for the South-East.

“The president has worked so hard and we need to reward his hard work by decorating this bridge with his pictures. I want to say to Ndigbo that we should not throw away our votes in 2027. In the last election we did not vote for Tinubu, yet he is carrying out projects in our region.

“The President deserves to be commended for what he is doing. I have the bragging rights with President Bola Tinubu, and I can tell you that, for the first time, the Ndigbo are getting what they are supposed to get.

“I want our people to be strategic, Peter Obi is our brother, but we have to be strategic and be wise with our votes this time around. I urged those rooting for Peter Obi’s presidency to show what Obi has attracted to Ndigbo.

“We will be here next week to open the bridge, and I want to say that we will write to the security chiefs to tell them that there should not be any checkpoint within 200meters to this bridge because it causes traffic on the bridge, which creates heavy load on the bridge and it is not good for it.

“We thank the people for their patient. The bridge is not just healthier, but will last longer now and motorists will enjoy driving on it. We thank the governors of Anambra and Delta states for their commitment and support to the rehabilitation of the bridge.

“Anambra had to work with ministry of works for the bypass and we apologise for the inconveniences, but it is for their good.

“The bolts that were vandalised have been replaced, expansion joints have been manufactured and flown in by air and replaced. The company has done beautiful work. We will however not be stampeded to open the bridge until the full structural works have been done,” he added.

The minister also directed that additional solar lights be installed, and the CCTV should be completed and then linked to the Second Niger Bridge immediately.

Speaking on behalf of the governors of Delta and Anambra, Mr Charles Aniagwu, Delta Commissioner for Works (Rural Roads) and Public Information, commended the Federal Government for the intervention.

“We are pleased with the speed of work. We want to also appreciate our people who demonstrated a whole lot of patience to understand that you are after their safety,” Aniagwu said.

He said the rehabilitation had significantly improved the condition of the bridge and expressed confidence that the work would stand the test of time.

The Controller of Works in Anambra State, Timothy Emenike, who conducted the minister round the work praised his tenacity, hard work and energy, which he said has led to the success of the project.

Source: punchng.com

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The management of FirstPower Electricity Distribution Company Limited has confirmed the arrest of two suspects allegedly involved in the vandalisation of a transformer at the Urunkpuke Distribution Substation, Nimo, in Njikoka Local Government Area of Anambra State.

In a press statement on Thursday, the Head of Communications, Izunna Okafor, said the suspects, identified as Nonso Okolodile and Emeka Onyeugwo, both natives of Nimo, were arrested by members of the Nimo Vigilante Group.

Okafor added that their arrest followed a report from the company’s Feeder Manager in the area concerning the vandalisation of the electricity transformer.

According to him, upon receiving the report of the vandalism, FirstPower contacted the vigilante group and requested that the suspects be handed over to the police for proper investigation.

He said, “The suspects were subsequently taken to the Nimo Divisional Police Station, where they are currently being held for preliminary investigation. It has also been requested that the suspects be transferred to the State Criminal Investigation Department, Awka, for further and discreet investigation.

“The arrest followed concerns over the vandalisation of the Urunkpuke DSS transformer, one of the critical electricity distribution assets serving customers in the area.

“A tool being used by the suspected vandals and parts of the vandalised items were also recovered from the scene. Vandalisation of transformers and other electricity infrastructure disrupts electricity supply to communities and impose significant costs on the distribution system.

“FirstPower commends the Nimo Vigilante Group for its intervention and cooperation with the Company and the security agencies in apprehending the suspects.

“The Management reiterates that vandalism of electricity infrastructure is a serious criminal act that threatens electricity supply, damages valuable public infrastructure and affects customers who depend on the facilities for their homes, businesses and other activities.

“Just last week, the company raised an alarm over the high rate of vandalism on its infrastructure, revealing that no fewer than 73 major cases of vandalism of electricity infrastructure have been recorded across different parts of the State between January and September, with their consequential effects on the company’s services to customers and expenses record.”

The company therefore urged residents and community leaders across its network to remain vigilant and promptly report suspicious activities around transformers, substations, poles, cables and other electricity installations to the appropriate authorities or through FirstPower’s established whistleblowing channels.

“FirstPower will continue to collaborate with security agencies, community groups and other relevant stakeholders to protect its distribution infrastructure and ensure that those found culpable of vandalising electricity installations are brought before the appropriate authorities for necessary action in accordance with the law.

“The Company also assures customers in Nimo and other affected communities that it remains committed to restoring and improving electricity supply while working with stakeholders to safeguard the distribution network,” the statement added.

Source: punchng.com

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