Bitget chief links $387.5 million breach to North Korea
Bitget chief executive Gracy Chen has said preliminary evidence indicates North Korean-linked hackers were likely behind a security breach that transferred about $387.5 million in crypto assets from the exchange’s wallets. The assessment remains unconfirmed, but Chen said investigators had identified internet protocol behaviour and on-chain patterns consistent with techniques used by known North…
Bitget's chief executive Gracy Chen has indicated that North Korean-linked hackers may have been responsible for a $387.5 million cryptocurrency breach. Preliminary evidence suggests that the hackers utilized techniques previously associated with known North Korean hacking groups. The investigation is ongoing, involving cybersecurity firms Mandiant and SlowMist, as well as relevant authorities.
Bitget has since increased its estimate of assets transferred to attacker-controlled addresses, now totaling approximately $387.5 million, after including Zcash and TRON assets that were initially omitted. The exchange's security systems detected unauthorized transfers at 18:31 UTC on September 24, while its cold wallets and self-custodial Bitget Wallet remained unaffected.
Bitget has remediated the underlying vulnerability and contained the attack, with withdrawals temporarily suspended while deposits and trading continued. The company has established a phased restoration schedule, with Bitcoin withdrawals set to resume on September 28, followed by Ether on September 29 and USDT on September 30. Bitget maintains that customer account balances remain accurate and that users will not bear losses, as the financial impact falls within the coverage of their User Protection Fund, valued at over $464 million.
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