Bitget hit by more than $387 million crypto breach as North Korean hackers face scrutiny

Bitget says attackers exploited a wallet-processing system and made fraudulent withdrawals appear legitimate. The breach ranks as the largest crypto theft of 2026 so far and raises fresh questions about exchange controls, hot-wallet exposure and North Korea’s crypto operations.

Bitget suffered a security breach that drained more than $387 million in cryptocurrency on Thursday night, making it the largest crypto attack of 2026 so far. The exchange suspects North Korean hackers exploited a backend system that approves wallet transactions.

Bitget CEO Gracy Chen said during a three-hour livestream on X that the attackers did not take private keys. Instead, they manipulated the exchange’s internal approval process so unauthorized withdrawals appeared valid.

Bitget paused withdrawals while its security team reviewed the incident. The exchange’s security notice first estimated the affected funds at about $351.6 million. Bitget later raised the estimate after investigators found more transactions across networks that included Zcash and TRON.

How the attack worked

Crypto exchanges divide customer assets across wallet systems with different levels of online access. Hot wallets connect to the internet and handle routine trading and withdrawals. Warm wallets keep less exposure but remain available to operational systems. Cold wallets hold assets offline.