Bitget Suffers $351M Hack Suspected to be North Korean Operation
Cryptocurrency exchange Bitget has been hit by a massive suspected North Korean hack, resulting in losses of approximately $351.6 million from its hot and warm wallets.
The breach was discovered on Thursday evening when security systems detected unauthorized transfers. The company has temporarily suspended all withdrawals while it investigates the incident with law enforcement and cybersecurity experts, including Mandiant and SlowMist.
The attack targeted multiple blockchain networks, including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC, and Base, affecting various assets such as ETH, XRP, BNB, AVAX, USDT, and USDC.
Bitget CEO Gracy Chen linked the attack method to known patterns of North Korean hacker organizations. The losses will be covered by Bitget's User Protection Fund, which holds over $464 million.