Bitget Crypto Exchange Hit with Multi-Million Dollar Hack

Bitget, a popular crypto exchange, has been hacked, resulting in losses exceeding $351 million. The attack was noticed by on-chain analysts before it was officially announced.

The hackers moved around $192 million across seven assets via 15 large transfers, with Ether accounting for 44.4 percent of the tracked volume, according to Bubblemaps. They also transferred 19.67 million USDT stablecoins from an address linked to Bitget and exchanged them for 7,111 Ether through UniswapX and 1inch Fusion platforms.

Bitget's CEO, Gracy Chen, suspects that hackers from North Korea may be behind the attack, citing IP addresses linked to VPN services previously used by one of the groups. The attackers gained access to the wallet service's server system and utilised the standard authorisation and transaction signing process to falsify transfer data.

Chen assured that private keys for cold, hot, and intermediate wallets had not been compromised. Bitget is continuing to investigate exactly which systems were compromised and how the attackers gained initial access. Some of the stolen assets have already been recovered, although Chen did not disclose the amount.