Bitget Hack Losses Climb to $387M: Here’s What Happened, and Why North Korea Is a Suspect
Bitget suffered a major crypto theft of about $387.5 million from hot wallets after attackers compromised a backend system in its wallet infrastructure and spoofed transaction data to trigger unauthorized payouts. The exchange said no cold-wallet keys were exposed and customer balances remain intact because its User Protection Fund, worth over $464 million, will cover the loss. Withdrawals were frozen, while deposits and trading stayed open. The stolen assets moved across multiple blockchains and included stablecoins, Ethereum, and a large XRP haul. On-chain investigators tracked rapid swaps and transfers soon after the breach. Bitget says law enforcement and forensic firms are investigating, and losses were stopped. North Korea is suspected because the attack patterns and IP traces resemble previous DPRK-linked campaigns, but no confirmation has been made public.
