$352 Million Hack Blamed on North Korean Spoofers Who Outsmarted Bitget's Security
Bitget's CEO Gracy Chen attributed the $352 million hack to North Korean hackers who spoofed transfers by tricking the exchange's own authorization system. The attackers never touched a private key, indicating a software and process failure within Bitget's systems.
The stolen funds were not evenly split across assets, with XRP making up nearly half of the haul at $157.4 million, followed by Ethereum, USDT, and USDC accounting for more than $140 million combined. The attackers optimized for liquidity they could move quickly, rather than a single token.
On-chain analysts tracked the stolen funds, which were spread across six networks, including Arbitrum and BNB Chain. One wallet in particular was buying Ethereum through UniswapX and 1inch Fusion at up to 5% above market price, indicating someone racing against the clock.