Bitget Exchange Hacked for $387.5M as Attacks 'Manipulated Authorizations'
Bitget, a cryptocurrency exchange, has revealed that its security incident on September 24 resulted in the theft of $387.5 million from its exchange wallets.
The exchange initially estimated the loss to be around $351.6 million but later revised it after including affected Zcash and TRON assets.
According to CEO Gracy Chen, attackers compromised a critical backend system that manages wallet operations, allowing them to supply false transaction data and trigger Bitget's authorization process.
The company has stated that its protection fund covers the loss, but withdrawals remain suspended as it investigates the incident with Mandiant and SlowMist.
Chen suspects North Korean involvement based on IP behavior and blockchain activity consistent with North Korean groups.