Bitget CEO Says North Korean Hackers Behind $388M Theft

Bitcoin Magazine

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

On Thursday, hackers believed to be from North Korea struck the cryptocurrency exchange Bitget, according to an update from its CEO, absconding with nearly $388 million in digital assets — a sum larger than initially reported.

In a statement on Friday, Bitget CEO Gracy Chen said the revised figure "reflects a more complete accounting of transfers during the incident." Earlier, Chen had reported that more than $350 million had been taken.

Security firms initially flagged unauthorized transactions from the exchange's hot wallets on Thursday. The exchange, based in Victoria, Seychelles, later announced it had suspended withdrawals.

According to CoinGecko data, Bitget ranks as the sixth-largest crypto exchange, handling over $1 billion in daily trading volume.

"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 had identified the stolen digital assets, which largely comprised ethereum, tron, and USDT stablecoin — with no bitcoin involved. However, data from a stolen funds tracker shows the attacker holds over $28.8 million in the leading cryptocurrency.

Crypto thieves — particularly those linked to North Korea — have grown more sophisticated and quicker since last year. Experts have pointed to the use of artificial intelligence tools as a factor enabling cybercriminals to operate more efficiently.

U.S. authorities have long maintained that hacking groups with ties to North Korea's government, such as Lazarus, steal from crypto exchanges.

Cryptocurrency security has come under renewed scrutiny following a series of breaches this year that have shaken the community. In July alone, hackers exploited a firmware bug in the popular bitcoin hardware wallet Coldcard to steal nearly $120 million in user funds.

Earlier this month, individuals claiming to be white-hat hackers withdrew around 4,000 bitcoins — worth about $320 million at the time — from Blockstream's Liquid sidechain federation wallet. They subsequently returned 85% and demanded to retain the remainder as a ransom days later.