Bitget hit in major theft

North Korean hackers are suspected of stealing more than three hundred fifty one million dollars from cryptocurrency exchange Bitget during a cyberattack on Thursday.

Largest heist of the year

The theft is the largest known digital currency heist in twenty twenty-six, surpassing a three hundred forty million dollar hack in September where the hacker returned all but forty seven million dollars.

Hot wallets targeted

Bitget said the breach involved unauthorized transfer of crypto from its hot wallets, which are connected to the internet and designed for active trading. The company has suspended crypto withdrawals.

Protection fund covers loss

Bitget said it has four hundred sixty four million dollars in its user protection fund, which should cover the costs of the three hundred fifty one million dollar theft.

Pattern matches North Korea

Bitget chief executive Gracy Chen said the breach was highly consistent with known patterns of North Korean hacker organizations, which have been linked to crypto thefts and suspected of targeting open source software.

“highly consistent with known patterns of North Korean hacker organizations”

North Korea dominates crypto theft

According to blockchain intelligence firm TRM Labs, North Korea is behind around three-quarters of all crypto thefts during twenty twenty-six to date. Bitget has not said when withdrawals will reopen.