Updated: October 20, 2026
Bitget Links $352 Million Crypto Theft to North Korean Hackers
CEO Gracy Chen revealed these details during a livestream on X, emphasizing the seriousness of the attack and its resemblance to prior North Korean cyber operations. The revelation marks a significant development in the ongoing battle against state-sponsored cybercrime in the crypto space.
Scope and Method of the Breach
The unauthorized transfers originated from Bitget’s hot and warm wallets, involving 19 separate transactions, while the exchange’s cold wallets remained secure. The stolen assets spanned multiple cryptocurrencies, including ether, XRP, USDT, USDC, Avalanche, and BNB, across the Ethereum, XRP Ledger, Avalanche, BNB Smart Chain, and Arbitrum networks.
Security Response and Ongoing Investigation
Bitget’s security team quickly contained the breach, preventing further losses by suspending withdrawals while maintaining normal deposit and trading functions. Importantly, the company ruled out private key compromise, indicating the attacker exploited internal system vulnerabilities rather than direct cryptographic key theft.
The technical investigation into the specific intrusion method remains active. Chen indicated that withdrawal services could resume within hours or days but are not expected to remain suspended for weeks. Meanwhile, the company is reinforcing its systems to prevent recurrence of similar incidents.
Financial Impact and Customer Protection
The exchange’s swift public disclosure and transparent communication aim to mitigate reputational damage and reassure users amid heightened concerns about crypto exchange vulnerabilities. The incident underscores the importance of robust security infrastructures in safeguarding digital assets.
Industry Collaboration and Wider Cybersecurity Implications
Bybit is updating its LazarusBounty platform, a tool designed to trace stolen funds and disrupt hacker cash-outs. This collaboration highlights the growing emphasis on inter-exchange cooperation and technological innovation to combat cybercrime, especially threats linked to nation-state actors like North Korea.
Takeaway: Bitget’s attribution of a $352 million crypto theft to North Korean hackers highlights persistent cybersecurity risks in the digital asset industry and the critical need for robust defenses and cross-industry cooperation.