From Global Exchange To Lagos Street: Crypto Crime Wave Hits Home As Hackers Steal $351m From Bitget, $3,400 From Lagos Trader

CYRIACUS IZUEKWE

From international trading platforms to the streets of Oshodi, Lagos, cryptocurrency crime is surging at an alarming rate, leaving both global investors and ordinary Nigerians counting their losses.

On September 24, 2026, at exactly 18:31 UTC, global crypto exchange Bitget detected unauthorized transfers from its hot and warm wallets. Within hours, Chief Executive Officer Gracy Chen confirmed that approximately $351.6 million had been moved out by attackers, making it the largest centralized exchange breach so far in 2026.

Bitget later revised the figure to about $387.5 million after investigators traced additional transfers on Zcash and TRON networks that were not captured in the initial count.

According to Chen, the attackers did not steal private keys. Instead, they compromised a critical backend system within Bitget’s wallet infrastructure, spoofed transaction data, and tricked the exchange’s own authorization process into approving fraudulent withdrawals.

“Private key compromise has been ruled out,” Chen said on X. She added that cold wallets remained untouched and that IP patterns matched VPN choices previously associated with a North Korean-linked group, though attribution is yet to be fully confirmed.

The stolen assets include 102.93 million XRP worth about $157.5 million, 31,890 Ether worth $85.8 million, USDT, USDC, BNB, AVAX and TRX. Bitget has suspended withdrawals pending security checks while deposits and trading remain open, assuring users that losses will be covered by its User Protection Fund valued at over $464 million.

While the world battles high-tech breaches, Lagos is facing its own street-level version.

Just weeks earlier, on July 28, 2026, a 20-year-old man, Goodness Chigozie, was arrested in Mafoluku, Oshodi, for allegedly hacking into the Trust Wallet account of one Okwara Augustine and stealing $3,400, equivalent to N5.1 million.

Chigozie was arraigned before Magistrate L.A. Owolabi on three counts of conspiracy, unlawful hacking and stealing. Prosecutor SP Josephine Ihkayere told the court that the defendant and others now at large allegedly logged into the victim’s wallet at Afariogun Street around 8 p.m. and transferred the funds to a wallet known only to them.

Police allege the money was later routed through multiple Nigerian bank accounts, including UBA account 2209874310 and Access Bank account 1498659286.

He pleaded not guilty and was granted bail with two sureties who must show evidence of livelihood and tax payment, but was remanded at Kirikiri Correctional Centre pending perfection of bail.

Cybersecurity experts say both incidents share a common lesson: trust is the weakest link.

“Whether it is a $351 million exchange or a $3,400 personal wallet, attackers exploit weak backend controls and human error. Nigerians must enable two-factor authentication, never share seed phrases, and avoid storing large sums in hot wallets connected to the internet,” an analyst told our correspondent.

The Economic and Financial Crimes Commission, EFCC, has repeatedly warned youths against involvement in cyber fraud, noting that convictions now carry stiff jail terms under the Cybercrimes Act and Lagos criminal laws.

For victims like Okwara Augustine and thousands of Bitget users globally, the hope is that improved security and swift prosecution will deter the next wave.

All suspects remain presumed innocent until proven guilty.

*Caption: Crypto crime wave worsens as global exchange Bitget loses $351.6m to hackers on Sept 24, while a 20-year-old Lagos man faces trial for allegedly hacking a Trust Wallet and stealing $3,400 in Oshodi.*