Bitget Hack Linked to North Korea as Exchange Loses $387 Million
A massive hack on cryptocurrency exchange Bitget has left many wondering about the extent of North Korean involvement. According to Chainalysis, the $387 million theft is linked to DPRK-attributed threat actors.
The incident occurred on September 24, with the attackers using a cross-chain liquidity protocol to obtain Bitcoin from the stolen XRP. The funds were then split across multiple addresses in peel chains, making it difficult to track their movement.
Bitget CEO Gracy Chen has confirmed that North Korean involvement is 'very likely', citing IP addresses linked to VPN services associated with a North Korean hacking group.
The exchange itself lost about $351.6 million in unauthorized transfers, which will be covered by its User Protection Fund. However, no recovered funds have been confirmed, leaving the central unresolved issue of who bears the loss.