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Bitget hack linked to North Korean group threatens most of protection fund

Bitget estimated a $351.6 million wallet breach, and using a $464 million reference value would leave about $112 million, below the exchange’s stated floor.

Reported · Written up by our desk · Market Structure

Bitget said a $351.6 million wallet breach in an attack on Sept. 24 bears hallmarks of North Korean hackers, as investigators race to trace and freeze stolen assets, according to CryptoSlate. The exchange said analysis of IP activity and blockchain transactions showed the incident closely matched techniques used by known North Korean hacking groups.

Bitget reported the breach to relevant authorities and brought in blockchain security firms Mandiant and SlowMist to investigate, while its CEO Gracy Chen said the attribution remains under investigation and has not yet been independently confirmed by the external firms, CryptoSlate reported. Onchain analyst Specter separately linked XRP taken from Bitget to funds stolen during the $24 million AFX hack in July, which was attributed to the TraderTraitor cluster tied to North Korea’s Lazarus Group.

The breach affected multiple assets and chains, including ETH, XRP, BNB, AVAX, USDT, USDC and other tokens across networks such as Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BNB Chain and Base, CryptoSlate reported. XRP accounted for the largest loss on a single network, Chen said, and Bitget said some blockchain foundations have already confirmed freezes of addresses associated with the attacker.

Latest closeEthereum $2,697.22 ▲0.4%|XRP $1.590 ▲3.7%|BNB $776.05 ▼0.1%

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