On Thursday, Bitget, a cryptocurrency exchange, reported that North Korean hackers are believed to have stolen over $351 million in a significant cyberattack.
The Latest in a Series of High-Profile Hacks
This cyber intrusion marks the most substantial digital currency theft recorded this year, surpassing a $340 million breach that occurred in September, during which the hacker returned all but $47 million of the pilfered assets.
Details of the Breach
In a statement shared on X over Thursday and Friday, Bitget detailed that the breach involved unauthorized transfers from its hot wallets, which are online wallets intended for active trading. As a precaution, Bitget has halted all crypto withdrawals on its platform. The company asserted that it possesses $464 million in its user protection fund, which is expected to mitigate the impact of the theft.
CEO’s Statement on the Incident
Gracy Chen, the chief executive of Bitget, stated that the nature of the breach aligns closely with tactics historically employed by North Korean hacker groups. These organizations have been implicated in numerous crypto thefts and are suspected of exploiting open-source software to execute mass hacks, potentially financing the nation’s nuclear ambitions.
North Korea’s Track Record in Crypto Thefts
According to insights from blockchain intelligence firm TRM Labs, North Korea has been responsible for three-quarters of all crypto thefts since the beginning of 2026.
Future of Withdrawals Uncertain
Chen did not specify when users can expect the resumption of withdrawals on Bitget’s platform.
