From Startup Fortune · · 1m
Bitget Hack: $387.5m Stolen by North Korean Hackers
Bitget confirms North Korean hackers stole $387.5 million in a backend breach.
In brief
Bitget confirms North Korean hackers stole $387.5 million in a backend breach. Bitget's $387.5 million hack was caused by a security flaw allowing North Korean hackers to spoof transactions, with recovery rates expected to be low. Originally reported by Startup Fortune.
Bitget Hack
Bitget detected unauthorized transfers from its hot wallets at 18:31 UTC on September 24.
Stolen Funds
Bitget's loss grew to $387.5 million after finding additional assets on Zcash and TRON.
Attack Method
Attackers forged Bitget's approval signals without stealing private keys.
North Korean Link
Chen described the attack pattern as highly consistent with North Korean hacker organizations.
“highly consistent with known patterns of North Korean hacker organisations”
Attribution Status
Elliptic and Chainalysis report the theft as highly likely DPRK-linked.
“highly likely to be DPRK-linked”
Recovery Efforts
Bitget expects to recover little of the $387.5 million stolen due to low recovery rates.
User Protection
Bitget's User Protection Fund covers customer losses with over $464 million.
The one thing
Bitget's $387.5 million hack was caused by a security flaw allowing North Korean hackers to spoof transactions, with recovery rates expected to be low.
