Bitget blames North Korea for $387.5M crypto wallet raid

Bitget, a crypto exchange, recently disclosed that a cyberattack believed to be originating from North Korea resulted in the theft of approximately $387.5 million worth of digital assets from its wallets. Initially, the exchange estimated the loss at $351.6 million, but revised it to $387.5 million after accounting for additional assets on Zcash and TRON.

Blockchain intelligence firm Arkham estimated the theft at around $350 million, with $228 million leaving Bitget's wallets within 18 minutes. The stolen assets encompassed XRP, ETH, USDT, USDC, and Tether Gold on Ethereum, among other networks. Bitget's cold wallets and customer balances remained unharmed, and the firm's User Protection Fund, valued at over $464 million, remained secure.

Bitget's CEO, Chen, revealed that the exchange's User Wallet operates independently from its exchange, enabling users to continue trading despite the temporary suspension of withdrawals. Bitget collaborated with Mandiant and SlowMist to investigate the incident. Industry peers MEXC and Binance expressed solidarity with Bitget, sharing intelligence and aiding in tracing the stolen funds.

Bitget's CEO emphasized that the specific techniques employed by the hackers remain under investigation, with preliminary findings pointing towards North Korean state-sponsored attackers.