Bitget Hacked for Record-Breaking $387.5 Million Amid Suspicions of North Korean Involvement
Bitget, one of the largest crypto exchanges in the industry, has been hacked for $387.5 million.
The breach occurred on September 24, when attackers spoofed transaction data to trigger legitimate-looking transfer approvals from hot and warm wallets.
This allowed them to move assets across at least five blockchains to addresses they controlled.
Among the stolen funds were roughly 103 million XRP, worth around $157 million.
The hack was detected by Bitget's security systems, but it wasn't until hours later that the exchange confirmed the breach and froze withdrawals as a precaution.
Bitget CEO Gracy Chen has said that IP addresses and on-chain patterns match techniques used by North Korea's state-linked hackers.
Chen also revealed that she personally lost $80,000 from a personal wallet outside Bitget to the same group in the past.