Bitget Suffers $352M Hack, North Korea Suspected
Bitget, a major cryptocurrency exchange, has been hit by a massive hack that resulted in the loss of nearly $352 million. The breach occurred on September 24th and affected one of the exchange's hot wallets.
According to Bitget's CEO Gracy Chen, user funds are safe, and cold wallets remain secure. However, the lost funds are significantly smaller than the exchange's User Protection Fund, which has $464 million.
The hack resulted in the theft of large amounts of XRP tokens, as well as other cryptocurrencies such as Ethereum, BNB, USDT, and USDC. Chen stated that some unspecified foundations behind these assets have confirmed the freezing of hacker wallet addresses.
Bitget suspects North Korean hackers were responsible for the attack, citing IP behavior patterns and on-chain analysis. Blockchain investigator @SpecterAnalyst also linked the hack to the Lazarus Group, a known North Korean cyber organization.