North Korean Hackers Linked to $388M Bitget Crypto Exchange Theft: CEO

Bitcoin Magazine North Korean Hackers Linked to $388M Bitget Crypto Exchange Theft: CEO Hackers from North Korea targeted crypto exchange Bitget on Thursday, according to an update from the CEO, making away with close to $388 million in digital assets — more than originally reported.  Bitget CEO Gracy Chen said Friday that the higher figure “reflects a more complete accounting of transfers during the incident.” Chen had first reported that over $350 million had been moved.

Security firms first flagged unauthorized transactions from the Victoria, Seychelles-based exchange’s hot wallets on Thursday before the company announced it had frozen withdrawals.

Bitget is the sixth biggest crypto exchange, processing over $1 billion in trading volume per day, according to CoinGecko data.  “Based on IP behavior patterns and on-chain analysis, the attack method in this incident is highly consistent with known patterns of North Korean hacker organizations,” Chen wrote on X on Friday.  She added: “Our goal is to complete a full recovery as soon as possible.

We will announce the specific time window immediately upon confirmation.” In a security update, the exchange said it identified the digital assets stolen, which mostly included ethereum, tron, and USDT stablecoin — and no bitcoin.