Bitget Hacked on Eighth Birthday, Loses $352 Million to North Korean-Led Attack
Bitget, an Asian-based cryptocurrency exchange, has fallen victim to a massive hack on its eighth birthday. According to CEO Gracy Chen, the attack was likely carried out by North Korea's Lazarus Group, which has been linked to several high-profile hacks in the past.
The incident occurred when hackers breached Bitget's wallet services backend system, allowing them to forge transfer details and authorize their own signing processes. This enabled them to steal approximately $352 million from the exchange's hot wallets and warm wallet layers, while its cold wallets remained secure.
Chen reassured users that their funds are covered by Bitget's User Protection Fund, which currently holds over $464 million. The exchange has paused withdrawals temporarily and is working with independent investigators Mandiant and SlowMist to determine the full extent of the hack.