Bitget Exchange Hit by Massive $351M Hack, XRP Worth $157.5M Stolen

Bitget crypto exchange reported an unauthorized transfer of nearly $351 million in cryptocurrency on Thursday. The largest stolen asset was XRP, valued at approximately $157.5 million. Bitget CEO Gracy Chen and some on-chain analysts suspect North Korea's Lazarus Group behind the attack.

The hack involved hot and warm wallets, with a significant portion being transferred out of Bitget in a short period. The exact mechanism and details of the attack are still unknown, but experts speculate that it may have been an inside job or a sophisticated phishing attempt.

Gracy Chen stated that they are working closely with law enforcement agencies to investigate and recover the stolen funds. Meanwhile, some analysts are warning of potential price volatility in XRP due to the hack's significant impact on its supply and demand dynamics.