bankless.comarticleBitget Hacked for $351.6M
Bitget disclosed a $351.6M hot-wallet breach in which attackers did not compromise private keys but instead breached a core wallet backend and spoofed transaction data to trick Bitget's own authorization process into approving transfers. Attackers quickly converted most stolen EVM assets into 67,982 ETH (~$183M) and also took ~103M XRP to move into harder-to-freeze native assets, while Bitget's CEO and independent researcher Specter linked the attack to North Korea via VPN IP overlap and onchain infrastructure tied to the earlier AFX exploit attributed to TraderTraitor.
TL;DR Bitget lost $351.6M when attackers spoofed backend transaction data to trigger its own approval flow (no key compromise), then laundered funds into ETH/XRP with suspected DPRK/TraderTraitor involvement.
Organisations named here
- AFX exploit
- Gracy Chen
Technologies named here
- Lookonchain
- Bitget hot wallets
- Bitget core wallet backend
- Ethereum
- XRP
- Bitget
- Specter
Techniques named here
- Backend wallet breach with spoofed transaction data
- Asset consolidation into unfreezable native crypto
Threat actors named here
- DPRK group
- TraderTraitor
- DPRK
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