Bitget Slammed by $388M Hack as Crypto Security Weaknesses Exposed

Bitget, a major cryptocurrency exchange, has suffered a massive hack resulting in the loss of $388 million worth of assets. The attack is believed to have been carried out by North Korea's Lazarus Group, with some of the stolen funds being laundered through the THORChain cross-chain bridging platform.

The incident occurred on September 24, when Bitget's security systems detected unauthorized transfers involving a limited number of hot wallets. The company temporarily suspended withdrawals and stressed that user funds remained protected by their User Protection Fund, which had $464 million at the time.

Bitget CEO Gracy Chen attributed the hack to the Lazarus Group, stating that 'based on IP behavioral patterns and on-chain signatures, this attack is consistent with techniques used by DPRK-linked hacker groups.'