Bitget loses $351.6 million in suspected North Korean crypto hack

As reported by Bleeping Computer, cryptocurrency exchange Bitget has disclosed that suspected North Korean hackers have stolen approximately $351.6 million from its hot and warm wallets, prompting a temporary suspension of all withdrawals.

The breach was discovered on Thursday evening when security systems detected unauthorized transfers. Bitget is investigating the incident with law enforcement and cybersecurity experts, including Mandiant and SlowMist. The company stated that its self-custodial Bitget Wallet was unaffected due to its independent infrastructure. The losses will be covered by Bitget's User Protection Fund, which holds over $464 million.

The attack targeted multiple blockchain networks, including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC, and Base, affecting various assets such as ETH, XRP, BNB, AVAX, USDT, and USDC. The hackers reportedly compromised a backend wallet system to spoof transaction data and bypass authorization. Bitget CEO Gracy Chen linked the attack method to known patterns of North Korean hacker organizations. Some hacker wallet addresses have been frozen and withdrawals will resume once normal operations are confirmed as safe.

Source: Bleeping Computer