Bitget Hacked for $387.5 Million in Latest Crypto Heist

Crypto exchange Bitget was hacked last week, resulting in losses of $387.5 million from its hot and warm wallets through unauthorized transfers.

The attackers exploited two third-party security products using a zero-day exploit to obtain high-level internal credentials, inserted fraudulent withdrawal commands into the wallet backend, and deleted those commands after the funds were sent out.

A report by SlowMist found that the earliest malicious activity occurred on August 31, and they recovered a custom withdrawal tool built around Bitget's withdrawal logic.

Bitget attributes the attack to North Korean actors, citing IP behavior and onchain analysis, and onchain sleuthing firms Elliptic and TRM found wallet overlaps with prior hacks.

The stolen funds were moved through THORChain, which declined Chen's request to refuse service due to being decentralized and permissionless. NEAR Intents took the opposite approach, blocking more than $50 million in attempted laundering flows and freezing about $503,000 mid-execution.