GoKawiilBitget loses $351.6M in hack, blames North Korean actors
Bitget said suspected North Korean hackers stole roughly $351.6 million from its hot and warm wallets after unauthorized transfers were flagged Thursday evening. The exchange has paused withdrawals and enlisted Mandiant and SlowMist to investigate, while saying its cold wallets, self-custodial wallet product, and customer balances remain unaffected.
GoKawiil's interpretation of the reporting above, not reported fact.
Bitget says its $464 million User Protection Fund will cover the losses, which could limit direct harm to customers if the pledge holds, though the fund's size relative to potential future incidents may draw scrutiny. The attack, if confirmed as North Korean state-linked, would add to a pattern of large exchange breaches attributed to such groups, potentially prompting exchanges to reassess wallet-service security architecture.
- Bitget reported a $351.6 million theft from hot and warm wallets, discovered Thursday.
- The exchange says its $464 million User Protection Fund will cover all losses and cold wallets were unaffected.
- CEO Gracy Chen linked the attack to North Korean hackers based on IP and on-chain analysis, though the method of breach remains undisclosed.
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Published there as: “Hackers steal $351.6 million in Bitget crypto exchange hack”
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