Chainalysis Ties $387M Bitget Hack to North Korea

Blockchain analytics firm Chainalysis has made a significant attribution regarding last month's $387 million Bitget exchange hack. The company's report, published on Wednesday, ties the breach to North Korea, which aligns with earlier assessments from the exchange itself and another blockchain analytics firm, Elliptic.

The attack occurred on September 24, when nearly half of the stolen funds were transferred to Ethereum (49.7%), followed by XRP (40.8%), Zcash (7.6%), and Tron (1.8%). The attackers then ran the funds through various protocols to obscure their trail, including cross-chain liquidity and messaging services.

Chainalysis credits its in-house AI for helping to trace the stolen funds, which allowed investigators to compress a 20-hour process into under 10 minutes. This automation did not replace human analysts but rather accelerated their work.