North Korean Hackers Strike Bitget for $352M in Birthday Heist
Bitget, a crypto exchange, was hacked on its eighth birthday, resulting in losses of $352 million. The hack occurred when thieves stole funds from Bitget's hot wallets and warm wallet layers, but left the cold wallets intact.
According to Bitget CEO Gracy Chen, the hackers were able to breach the exchange's backend system, forge transfer details, and authorize their own signing processes.
Crypto investigator Specter Analyst linked the attack to North Korea's Lazarus Group, which has been involved in several high-profile hacks in the past. Chen confirmed this assessment during a livestream, stating that the signs of a North Korean operation were evident.
Chen also revealed that various chains had frozen addresses associated with the hack and that Bitget's User Protection Fund, which holds over $464 million, would cover most of the losses.