Crypto CEO accuses North Korea of stealing $387 million from Bitget platform
Bitget says hackers stole $387.5 million and its CEO links the theft to North Korean groups.
Singapore-based exchange Bitget said attackers stole about $387.5 million in ETH, XRP, USDC and other coins after breaching a backend wallet system. CEO Gracy Chen said IP addresses, behavior and on-chain signatures point to North Korean-linked hackers, and analysts tied flows to Lazarus Group. Withdrawals are suspended while Mandiant and SlowMist assist, and a user-protection fund above $464 million is expected to cover losses. Bitget is offering 5% bounties for freezing or recovering attacker funds, and some platforms have already frozen related wallets.
- Bitget estimates losses at $387.5 million after unauthorized wallet transfers.
- CEO Gracy Chen attributes the theft to North Korean-linked hackers.
- Analysts link fund flows to Lazarus Group's prior crypto heists.
- Withdrawals are frozen; Mandiant and SlowMist are aiding recovery.
- A user-protection fund above $464 million will cover losses.
- Threat actors
- Lazarus Group
- Victims
- Bitget
- Countries
- North KoreaSingapore
From the original article
2 min read at therecord.mediaThe CEO said the company has a User Protection Fund that has over $464 million and those funds will be used to cover the losses.
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