North Korean Hackers Linked to $351 Million Theft from Bitget
North Korean hackers are suspected of stealing more than $351 million from the cryptocurrency exchange Bitget during a cyberattack that occurred on Thursday. This incident is the largest known heist of digital currency this year, surpassing a previous $340 million hack earlier in September, where the hacker returned most of the stolen funds.
Bitget reported that the breach involved unauthorized transfers from its hot wallets, which are online wallets used for active trading. In response to the incident, the exchange has suspended all crypto withdrawals. The company stated that it has a user protection fund amounting to $464 million, which is intended to cover the costs associated with the theft.
Gracy Chen, the chief executive of Bitget, indicated that the nature of the breach aligns with known tactics employed by North Korean hacker organizations. These groups have been linked to various crypto thefts and are believed to target open-source software to execute mass hacks, potentially to fund the country's nuclear weapons program.
North Korea's Dominance in Crypto Theft
According to blockchain intelligence firm TRM Labs, North Korea is responsible for approximately three-quarters of all crypto thefts reported in 2026 thus far. The ongoing threat posed by state-sponsored hackers continues to raise concerns within the cryptocurrency industry, as exchanges and users alike face increasing risks from sophisticated cyberattacks.
Intelligence Reviewed
The implications of this theft extend beyond Bitget, as it highlights the vulnerabilities within the cryptocurrency sector. As hackers become more adept at breaching security measures, exchanges must bolster their defenses to protect user assets. The incident serves as a stark reminder of the persistent threat posed by state-backed cybercriminals and the need for enhanced security protocols across the industry.
As Bitget works to resolve the aftermath of this breach, the timeline for resuming withdrawals remains uncertain. The exchange's response and recovery efforts will be closely monitored by users and industry observers alike, as the fallout from this significant theft continues to unfold.
