Chainalysis AI Traces $387M Bitget Hack in Under 10 Minutes
- Cryptocurrency exchange Bitget reported that hackers stole $387.5 million in cryptocurrency from its hot and warm wallets on Thursday, marking the largest theft of the year. The exchange temporarily suspended withdrawals as a precaution.
- CEO Gracy Chen identified IP addresses matching VPN choices of a DPRK group, making a North Korean connection "very likely." The attackers, suspected to be the Lazarus hacking group, did not obtain private keys to control the wallets.
- According to blockchain intelligence firm TRM Labs, this incident represents the largest cryptocurrency theft reported so far this year. Bitget stated its user protection fund, holding more than $464 million, is sufficient to cover the loss.
- Bitget notified law enforcement and is working with security firms to trace the stolen funds. The exchange began restoring withdrawals in stages from September 28, maintaining that customer account balances remain accurate.
- The United States Treasury Department reports that stolen assets help fund North Korea's nuclear weapons and ballistic missile programs. North Korean groups accounted for 76% of the value stolen in cryptocurrency hacks through April this year, according to TRM Labs.
39 Articles
39 Articles
Chainalysis AI traces $387M Bitget hack in under 10 minutes
Chainalysis has used its in-house AI to cut more than 20 hours of manual bridge reconciliation to under 10 minutes while investigating the $387 million stolen from Bitget. Chainalysis said in its Oct. 1 report that investigators built custom automation…
Cointelegraph
The New York LedgerFurious Debate About THORChain vs NEAR Shows Idealism Has Limits
The $387.5 million Bitget hack raises difficult questions about permissionless protocols, moral obligations, and where crypto projects should draw the line on stolen funds.
North Korean hackers are suspected of stealing 332.8 million euros worth of cryptocurrency from Bitget, one of the world’s largest cryptocurrency exchanges, in what appears to be the biggest cryptocurrency theft of the year, Euronews reports. According to the US government, the proceeds from such attacks are used to finance nuclear weapons and ballistic missile programs.
North Korean hackers suspected in €332.8m crypto heist as it leads global hacks
North Korea, one of the world’s most closed-off countries, has been linked to some of this year’s largest cryptocurrency thefts. Proceeds from such attacks help fund its nuclear weapons and ballistic missile programmes, according to the US government.
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