Bitget Hacked for $352M by Suspected North Korean Hackers

Bitget, a cryptocurrency exchange, has reported a wallet breach of $351.6 million, which it believes was carried out by North Korean hackers. The attack occurred on September 24 and affected various assets, including ETH, XRP, BNB, AVAX, USDT, and USDC.

The exchange has enlisted the help of blockchain security firms Mandiant and SlowMist to investigate the incident, which it has reported to relevant authorities. Onchain analyst Specter has linked the stolen XRP to funds taken during a previous hack attributed to North Korea's Lazarus Group.

Bitget's protection fund, which holds 5,500 Bitcoin valued at over $464 million, may face significant strain if losses from the breach are not recovered or frozen. A loss equal to the full $351.6 million estimate would amount to roughly 76% of the fund's value.

The exchange has assured customers that their funds remain backed on a 1:1 basis and has additional resources beyond its protection fund, including over $1 billion in proprietary assets.