Chainalysis AI Traces $387M Bitget Hack in Under 10 Minutes
The $387 million hack on Bitget has left the cryptocurrency community reeling, but Chainalysis has made a significant breakthrough in tracing the stolen funds. Using its AI, the company was able to cut down the time it takes to match cross-chain transactions from over 20 hours to just under 10 minutes. This allowed investigators to track the stolen XRP through cross-chain swaps to Bitcoin addresses controlled by the attackers.
According to Chainalysis, the attack was attributed to North Korean actors, making it the sixth hack attributed to the country in 2026, with total losses exceeding $1 billion. The company's AI was able to identify newly identified addresses receiving stolen-fund labels within minutes, making the information available to compliance teams through its data platform.
Bitget has offered a 5% reward to anyone who helps freeze and recover the stolen funds. The exchange's CEO, Gracy Chen, initially attributed the hack to North Korean actors, but said she couldn't confirm responsibility at the time. Chen had also sought to block attacker addresses from using THORChain, but the protocol rejected selective blocking, citing network security.