Crypto platform Bitget suspects North Korea is responsible for $352 million hack
Bitget said its User Protection Fund will cover the loss as investigators trace stolen assets across blockchains and some funds are already frozen.
- 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.
180 Articles
180 Articles
Crypto Exchange Bitget Says Hacker Exploited Vulnerabilities From Third-Party Products To Pull Off Last Week’s $388,000,000 Exploit
The hacker who stole $388 million worth of crypto from Bitget last week “exploited vulnerabilities from third-party products,” according to the exchange’s chief executive. Bitget CEO Gracy Chen says the exploiter stole internal credentials and used them to send fraudulent withdrawal commands that bypassed the exchange’s risk controls. Chen notes that the hack didn’t compromise […]
In a major security incident, Bitget announced the theft of $388 million due to the exploitation of a vulnerability in a third-party security product. Here are the full details. Bitget Reveals Exploitation of Third-Party Security Product to Steal $388 Million. The cryptocurrency exchange Bitget announced on Monday that an attacker who stole approximately $388 million was able to… The article Bitget Reveals Exploitation of Security Vulnerability…
Hackers linked to North Korea have reportedly stolen an estimated $387.5 million in cryptocurrency from global exchange Bitget, in what is reportedly the largest cryptocurrency heist this year. Bitget discovered unauthorized transfers from some of its online wallets. The company said its more isolated wallets, known as “cold wallets,” were not affected. According to CEO Gracy Chen, IP addresses identified during the attack matched VPN usage by a…
Bitget's $351M Hack Revived Jeff Yan's "Next FTX" Warning. Which DEXs Actually Stand to Gain?
The Bitget hack drained about $351.6 million from hot wallets and brought back Hyperliquid founder Jeff Yan's 2023 "next FTX" thread. The DEX-winner story is tempting, but withdrawals are frozen, Bybit's precedent shows money returns, and Hyperliquid, Lighter and Variational would each benefit for very different reasons.
North Korea's Lazarus Group Steals $388M in Crypto from Bitget Exchange
North Korea-linked Lazarus Group likely stole $388 million in cryptocurrency from exchange Bitget, using sophisticated laundering via mixers, bridges, and DeFi protocols. The breach highlights ongoing vulnerabilities in centralized platforms and the regime’s reliance on cyber theft to evade sanctions. Chainalysis tracking offers slim recovery hopes.
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