Crypto News Today: SEC's Peirce Resigns, Bitget Hit by $388M Hack

SEC Commissioner Hester Peirce, widely known as "Crypto Mom" for her advocacy of clear, rules-based crypto regulation, announced she will leave her post on October 2. Peirce posted a copy of her resignation letter on her X account Friday, thanking the president for "the honor of her professional lifetime" and praising Chairman Paul Atkins and Commissioner Mark Uyeda, the two remaining members who are both Republicans. Peirce served on the commission for approximately eight years and had also led the agency's Crypto Task Force since February 4, 2025. Her official term expired in June 2025, but SEC commissioners may continue serving up to 18 months afterward if not replaced.

Crypto exchange Bitget has revised its estimate of damages from Thursday's security breach upward to $388 million, roughly $35 million more than initially reported. The exchange identified additional affected assets on the Zcash and TRON networks, clarifying that the higher figure reflects a more complete accounting rather than new unauthorized transfers. Compromised assets included XRP, Ether (ETH), Tether's USDt (USDT), Zcash (ZEC), USDC, USDT0, XAUt, BNB, AVAX, and TRX spread across Ethereum Virtual Machine networks, the XRP Ledger, Zcash, and TRON. Withdrawals remain paused while Bitget continues its investigation and has launched a bounty program to help freeze or recover stolen assets. The incident ranks among the crypto industry's largest security breaches, though it remains well below the roughly $1.5 billion stolen from Bybit in February 2025.

Bitget CEO Gracy Chen said preliminary evidence points to possible North Korean involvement in the breach, citing IP address traces linking the attackers to VPN services previously used by a North Korean hacking group. Chen's statement adds geopolitical weight to an already significant incident, as North Korean state-affiliated actors have been responsible for several of crypto's largest heists in recent years. The investigation remains ongoing as Bitget works with partners and law enforcement to trace the stolen funds.