Chainalysis Links $387M Bitget Hack to North Korea

Chainalysis has attributed the $387 million Bitget exchange hack on September 24 to North Korean actors, marking one of the largest crypto thefts of the year. The breach has pushed the total value of crypto stolen by North Korea-linked groups in 2026 past 1 billion dollars. Chainalysis collaborated with Bitget and law enforcement to trace the stolen funds across multiple blockchains. In the first three hours post-hack, 387 million dollars was transferred from Bitget through 23 transactions, primarily to Ethereum (49.7%), XRP (40.8%), Zcash (7.6%), and Tron (1.8%). The attackers utilized cross-chain liquidity and messaging protocols to obscure the funds' trail. Notably, the stolen XRP was converted to Bitcoin through a cross-chain liquidity protocol, with tens of millions of dollars moved before reaching monitored Bitcoin addresses. Chainalysis employed in-house AI to enhance its investigation, reducing over 20 hours of manual work to under 10 minutes. The firm emphasized that AI accelerated the process but did not replace human investigators. Bitget CEO Gracy Chen and blockchain analytics firm Elliptic also indicated a strong likelihood of North Korean involvement. The laundering of the stolen crypto has been closely monitored, with some funds hidden in Zcash's shielded pool. Circle and Tether froze approximately 318,000 dollars in stablecoins linked to the hack.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.