$387.5M Bitget Hack: Nearly All Stolen Funds Likely Laundered Through Cross-Chain Infrastructure
Bitget's Ethereum withdrawals resumed at 08:00 UTC on Tuesday after a five-day freeze following a massive hack that drained $387.5 million from the exchange.
In the first hour, Bitget reported a net inflow of around 651 ETH, representing approximately $1.2 million in net user deposits.
However, the recovery picture is grim, as less than $503,000 has been frozen anywhere in the world, with most of the stolen funds likely laundered through cross-chain infrastructure.
The hack was attributed to North Korea's state-affiliated hacking apparatus, and Bitget's CEO Gracy Chen stated that IP addresses traced to the hack matched VPN infrastructure previously used by North Korean-linked groups.
Bitget's Protection Fund, which holds over $464 million, is expected to cover the loss, but experts warn that the exchange's solvency pressure will intensify if USDT withdrawal restoration on Wednesday results in significant outflows.