Bitget Hack: XRP Suffers $157 Million Loss in Multi-Million Dollar Heist

Bitget, a cryptocurrency exchange, has fallen victim to a massive security breach. The incident occurred on September 24 and resulted in the loss of over $351 million worth of various digital assets. Among the affected assets was XRP, which suffered the largest loss with more than 102 million units drained from the exchange.

The attackers compromised Bitget's backend system connected to its wallet infrastructure, allowing them to spoof transaction data and manipulate transfer history. This tricked the exchange's automated withdrawal system into approving unauthorized transactions. The stolen funds were then quickly moved and swapped through decentralized protocols.

According to preliminary analysis by Bitget's internal security team, in collaboration with blockchain security firms Mandiant and SlowMist, the attackers are suspected to be the state-sponsored North Korean Lazarus Group. User balances on Bitget remain safe, and the exchange has sufficient funds in its protection fund to cover the losses.

Withdrawals have been temporarily suspended while the exchange conducts an additional security review. Once confirmed safe, withdrawals will resume. The incident highlights the ongoing threat of state-sponsored cyber attacks in the cryptocurrency space.