Bitget Hit with $387M Heist: North Korean Hackers Suspected

The Singaporean crypto platform Bitget suffered a massive breach on Thursday, resulting in the theft of over $387 million from its exchange. According to CEO Gracy Chen, evidence suggests that North Korean hackers were responsible for the heist.

Chen revealed during a town hall meeting that the company's security team detected unauthorized transfers and immediately activated emergency protocols. The initial estimate of losses is $387.5 million, with the stolen funds consisting of ETH, XRP, USDC, and other coins.

The platform has suspended withdrawals while it works with security firms Mandiant and SlowMist on the recovery effort. Bitget's User Protection Fund, which holds over $464 million, will be used to cover the losses.

Chen stated that an investigation found hackers exploited vulnerabilities in a backend system of Bitget's wallet services, enabling unauthorized transfers. She noted that several platforms have already frozen some funds connected to the hackers' wallets and announced a recovery bounty program with 5% rewards for voluntary fund freezes and recoveries.