Bitget Hack: $387M Loss Linked to North Korea

The cryptocurrency exchange Bitget suffered a massive hack on September 24th at 18:31 UTC, resulting in an estimated loss of $387.5 million.

The breach was initially detected by the exchange's monitoring systems, which identified abnormal transfers involving hot and warm wallet infrastructure.

Bitget suspended withdrawals while allowing deposits and trading to continue, stating that its User Protection Fund of over $464 million could cover the initial loss.

Coinpaper reports that the breach is highly likely to be linked to North Korean hackers, citing similarities in attack patterns and infrastructure overlap with previous North Korea-attributed activity.