Bitget Reports $351 Million Crypto Theft Suspected North Korean Operation

Cryptocurrency exchange Bitget has reported a theft of approximately $351.6 million in digital assets, with company leadership suggesting the attack patterns are highly consistent with those used by North Korean state-sponsored hackers.

The unauthorised transfers were detected by security systems on 24 September 2026. The stolen funds were taken from several of the exchange’s hot wallets, though Bitget confirmed that its cold wallets were not accessed during the incident.

The stolen assets include ETH, XRP, BNB, AVAX, USDT, and USDC, spread across multiple blockchains. According to the company, XRP represents the largest loss on a single chain.

Attacker Compromised Backend Wallet Infrastructure

While the exact method of entry is still under investigation, Bitget stated that the attackers compromised a critical backend system within its wallet infrastructure. This allowed the hackers to abuse the system to approve fraudulent transfers. The company clarified that private keys were not compromised during the breach.

Bitget CEO Gracy Chen noted that IP behaviour patterns and on-chain analysis indicate the incident aligns with known methods used by North Korean hacker organisations. Chen did not name a specific threat group but confirmed the matter has been reported to the relevant authorities.

The company’s self-custodial Bitget Wallet, which operates on separate infrastructure, was not affected by the theft.

Investigation and Mitigation Efforts

Bitget is currently working with cybersecurity firm Mandiant and blockchain security specialist SlowMist to investigate the scope of the breach. Some blockchain foundations have reportedly frozen wallet addresses linked to the attacker to prevent the movement of funds.

This incident follows a pattern of large-scale cryptocurrency thefts attributed to North Korean actors. In February 2025, the FBI attributed a $1.5 billion heist involving the Bybit exchange to North Korean state-sponsored hackers.