Bitget Resumes Withdrawals After North Korean-Linked Hackers Steal $387.5 Million

Bitget, a major cryptocurrency exchange, has resumed Bitcoin withdrawals after a recent security incident. The company initially suspended withdrawals due to unauthorized transfers worth an estimated $351.6 million from hot and warm wallets.

A thorough investigation revealed that the attackers exploited a critical backend system that supported wallet operations. They tampered with transaction data, misleading the platform's transfer approval process and allowing them to move funds from compromised wallets.

Bitget CEO Gracy Chen attributed the attack to hackers allegedly linked to North Korea, citing findings from blockchain transaction analysis and IP address behavior patterns.

The company has announced a recovery reward program offering 5% of the recovered or frozen funds. This initiative aims to mobilize blockchain analysis firms and security experts in tracking down and recovering the stolen assets.