North Korea Suspected in $387.5 Million Crypto Heist on Bitget

North Korean hackers are suspected of stealing $387.5 million (€332.8mn) in cryptocurrency from major global exchange Bitget, making it the largest crypto theft reported so far this year.

In a statement, Bitget said it detected unauthorized transfers from some of its hot and warm wallets on Thursday.

The company stated that its cold wallets, which are kept more isolated, were not affected.

CEO Gracy Chen said in a livestream that the attackers did not obtain the private keys used to access Bitget's hot, warm or cold wallets.

Instead, the hackers breached an internal system and entered false transaction information that made fraudulent transfers appear legitimate to Bitget's approval system.