North Korea accused of plundering Bitget for $387 million in year’s biggest crypto attack
Source: Fortune ·
Hackers exploited Bitget’s wallet backend, using a flaw that made fraudulent withdrawals look legitimate.
From the source
Another major hack has rattled the cryptocurrency world. On Thursday night, crypto exchange Bitget suffered a security breach that drained more than $387 million from the platform. The attack stands as the largest cryptocurrency hack of the year to date. During a three-hour livestream on X, CEO Gracy Chen said Bitget suspects North Korean attackers exploited a backend system used to process wallet transactions, making fraudulent withdrawals appear legitimate. She said the attackers did not steal private keys, the secret digital credentials used to move crypto, but instead tricked Bitget’s internal approval system into authorizing the transfers. Bitget said it has fixed the vulnerability and paused withdrawals while it continues to review the platform’s security. The revised loss estimate reflects additional transactions identified on networks including the privacy-focused Zcash blockchain and TRON, which is widely used for stablecoin transfers. BGB, Bitget’s native token, dropped…