Bitget Suffers $387 Million Hack with North Korea Suspected

Crypto exchange Bitget was hacked on September 24, resulting in a loss of $387.5 million. The breach was detected when security systems flagged unauthorized transfers at 18:31 UTC that day.

The attackers broke into the exchange's wallet infrastructure and spoofed transaction data to trick Bitget's authorization process into approving payouts. They then moved the stolen funds across multiple blockchains, including a single largest piece of approximately $157 million in XRP.

Bitget CEO Gracy Chen has pointed to North Korea as the likely source of the attack, citing IP addresses matching VPN choices used by a known North Korean hacking group and behavioral patterns similar to prior operations.

The company's User Protection Fund holds over $464 million and will absorb the full loss, ensuring customer balances remain intact. Bitget is working with security firms Mandiant and SlowMist on the investigation and has launched a recovery bounty program offering 5% to platforms that voluntarily freeze attacker funds and another 5% if funds are recovered.