North Korea Plunders $387M from Bitget in Crypto Hack
North Korea has struck again in the cryptocurrency world, this time with a massive $387 million hack on Bitget. According to CEO Gracy Chen, North Korean attackers exploited a backend system used to process wallet transactions, making fraudulent withdrawals appear legitimate.
The attackers did not steal private keys but instead tricked Bitget's internal approval system into authorizing the transfers. The unauthorized transfers were limited to Bitget's hot and warm wallets, which are company-controlled pools of crypto used for customer trades and withdrawals.
Bitget has fixed the vulnerability and paused withdrawals while it continues to review the platform's security. A revised loss estimate reflects additional transactions identified on networks including Zcash blockchain and TRON.