Crypto platform Bitget suspects North Korea is responsible for $352 million hack
Bitget said unauthorized transfers hit part of its hot and warm wallet system, while cold wallets stayed secure and a protection fund covers the loss.
- On Thursday, crypto exchange Bitget suffered a system breach exposing approximately $351.6 million in assets, CEO Gracy Chen announced in a social media post.
- Unauthorized transfers targeted Bitget hot wallets while cold wallets remained secure, Chen confirmed; the Liquid Network lost $320 million earlier this month to an alleged hack.
- Arkham Intelligence analyst Emmett Gallic identified unauthorized movements involving ETH, BNB, AVAX, and USDT0 across multiple blockchains; researchers initially flagged unusual activity totaling around $183 million.
- Deposits and trading remain online, but Bitget is "temporarily" pausing withdrawals pending a security review, Chen said; the exchange holds more than $464 million in its user protection fund.
- Market reaction followed the news, with Bitget's native BGB token down 2.9% as of press time; Bitcoin's price fell 0.29% and ETH's price dropped 0.2% over the past 24 hours.
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Bitget activated its protection fund to cover losses, while withdrawals remain suspended.
Bitget Hack Pushes North Korean Crypto Haul Past $1 Billion
A $357 million hack of crypto exchange Bitget on Thursday was likely carried out by North Korea-linked hackers, pushing the nation-state’s haul from digital-asset thefts above $1 billion this year, according to analytics firm Elliptic Enterprises Ltd.
The incident is the largest theft of cryptoactives recorded since the beginning of the year, according to data from TRM Labs. The platform reports suspecting hackers linked to North Korea.
North Korean hackers may be behind a cyberattack that cost crypto exchange Bitget more than $351 million on Thursday, making it the largest known cryptocurrency theft of the year so far, according to TechCrunch.
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