Bitget Hack: North Korea Suspected in $387 Million Crypto Heist

North Korea is suspected of being behind a massive hack that drained over $387 million from crypto exchange Bitget, according to its CEO Gracy Chen.

Chen pointed out suspicious IP addresses tied to VPN infrastructure previously used by North Korean hacker groups during an X livestream on September 24, the evening after the attack occurred.

The hack exploited a backend wallet system that processes transactions, allowing hackers to forge transfer approvals and trick the system into authorizing fraudulent transactions.

The stolen assets include Ether, XRP, USDT, USDC, Avalanche, and BNB across various networks, with an initial estimate of $170 million to $183 million revised to a final official value of $387.5 million after comprehensive audits.