Bitget confirmed a security incident involving approximately $351.6 million in unauthorized transfers from its hot wallets early Thursday. The exchange said cold wallets and the vast majority of platform assets remain unaffected, and user funds are safe. Security researchers at Specter linked the attack to North Korea's Lazarus Group, noting connections to the July AFX exploit that caused roughly $24 million in losses. Stolen assets included 102.93 million XRP (approximately $157.48 million), 31,890 ETH (about $85.75 million), 34.75 million USDT, and 21.05 million USDC, among others.

The Bitget Protection Fund holds 5,500 BTC, worth approximately $464 million at current prices, with all wallet addresses publicly verifiable on-chain. The exchange said the fund, designed to address platform-level threats such as cybersecurity incidents, will absorb the losses from this hot wallet event and be replenished afterward. Bitget CEO Gracy Chen confirmed the exchange is working with Mandiant and SlowMist on a full investigation, and that the Bitget Wallet self-custody product operates on fully separate infrastructure and was not impacted. Withdrawals remain temporarily paused pending completion of additional security checks.

Bitget CEO Gracy Chen detailed that attackers breached a critical backend system of the wallet service, using it to forge transfer information and invoke authorized signature flows to move funds out. Chen said the security team has ruled out private key leakage, eliminating a more severe risk scenario. She confirmed that stop-loss measures are complete and there is no risk of further fund outflows. Multiple technical teams are working in parallel on system repairs and security hardening, with a clear timeline for withdrawal resumption to be announced once confirmed.

Bybit CEO Ben Zhou said his team stands ready to provide whatever assistance it can to Bitget, reciprocating support that Bitget offered when Bybit suffered its own major hack. The gesture highlights a rare moment of solidarity between competing Asian exchanges amid escalating security threats in the region. Bybit itself suffered one of the largest exchange hacks in history earlier in 2025.

CryptoQuant analyst Darkfost reported that Binance recorded its largest Bitcoin outflow since 2023 as fear of missing out grips the market. Bitcoin has gained approximately 45% since hitting its July low, and has now closed above the May high of $82,000 for several consecutive days. The sustained outflows suggest market participants continue accumulating coins rather than selling into strength, a pattern distinct from previous rally phases. The analyst notes the market appears to still be in an accumulation phase despite the rapid price appreciation.

Arkham monitoring shows that Garrett Jin, identified as an agent for the so-called "1011 insider whale," transferred $146.98 million to Binance, leaving just $92,100 in the associated Hyperliquid account. Hours later, $200 million moved out of Binance to a cluster of wallets previously linked to a $50 million loss in March while attempting to buy AAVE through a mobile interface. The large-scale movement underscores how major Asian exchanges continue to serve as key on/off ramps for high-value traders navigating volatile positions.

Iranian Foreign Minister Abbas Araghchi said in New York that Iran has proposed a plan to the United States to reopen the Strait of Hormuz within seven days, building on a memorandum of understanding reached in June. Araghchi said the reopening would proceed only if specific conditions are met, adding that completing the process before US midterm elections would be preferable but that Iran is not rushing. The strait is a critical chokepoint for global oil shipments, and any reopening could relieve pressure on energy markets that indirectly influence risk appetite across Asian crypto markets.

JPMorgan analysts noted that Bitcoin's rally this week pushed the price above the estimated $85,000 average production cost, ending a 280-day stretch below that threshold. The analysts said production cost has historically acted as a "soft floor" for Bitcoin prices, with prolonged periods below it forcing high-cost miners to sell holdings, shut down, or exit the market. The last comparable period occurred in 2018, lasting about 224 days and triggering a decline in network hash rate and difficulty. Maintaining prices above this level could alleviate forced selling from miners, many of which operate in Asia's major mining hubs.

KelpDAO has filed a lawsuit against LayerZero and co-founder Bryan Pellegrino over the rsETH bridge attack earlier this year, alleging the incident stemmed directly from LayerZero's negligence. The suit claims LayerZero failed to disclose inherent technical weaknesses and risks, and failed to prevent its security infrastructure from being compromised. KelpDAO asserted that records show LayerZero had reviewed and approved its technical deployment and configuration in writing, contradicting public statements that placed blame on KelpDAO over the past several months. The legal action highlights rising tensions between DeFi protocols and cross-chain infrastructure providers in Asia's active liquid staking sector.

The Solana Foundation appointed Rachel Conlan, formerly Binance's global chief marketing officer, as its new chief strategy officer. Conlan spent three years at Binance before departing in June, and will now lead institutional partnerships, ecosystem growth, and enterprise adoption strategy for Solana. The foundation also hired Jamal Raees as general manager for payments, who previously worked at Polygon Labs and stablecoin infrastructure firm Bridge. The appointments signal Solana's push to deepen its institutional footprint while drawing on talent from Asia's largest exchange ecosystem.