North Korea-linked Hackers Steal $387.5M from Bitget Exchange

Bitget's CEO has confirmed that a cyberattack on their exchange resulted in approximately $387.5 million worth of digital assets being stolen, initially estimated at $351.6 million. The attack involved hackers breaching a key backend system of the wallet service and exploiting it to forge transfer information and invoke the authorization signing process.

The stolen assets included $153 million worth of XRP from a Bitget cold wallet, as well as other affected networks such as Arbitrum, Optimism, BNB Smart Chain, Avalanche, and Base. Chen said that Bitget's security team has already identified the wallet service's backend system as the source of the unauthorized transfers.

The company has engaged incident response giant Mandiant and blockchain security outfit SlowMist to help with the investigation into the attack. Bitget also stated that their cold wallets and customer balances remained unaffected, while their User Protection Fund held more than $464 million worth of assets.