Chainalysis and BitOK trace $387.5M stolen in Bitget exploit
CIE News ·
Forensic reports detail the laundering of $387.5M taken from Bitget, with Chainalysis attributing the breach to North Korean hackers and Bitget backing customer losses with its $464M fund.
Forensic analysis reports by Chainalysis and BitOK detail the unauthorized movement of assets following the $387.5 million exploit of Bitget on September 24. Attackers compromised a third-party security appliance to manipulate credentials and fabricate withdrawal commands across 11 blockchains, including Ethereum (ETH), XRP Ledger, TRON (TRX), and Zcash (ZEC). Chainalysis attributed the activity to state-sponsored North Korean actors, though Bitget chief executive Gracy Chen previously noted consistent infrastructure patterns without confirming direct state responsibility.
According to findings reported by bravenewcoin.com and crypto.news, the perpetrators routed tens of millions of dollars through cross-chain liquidity networks, including 31 THORChain bridge payouts that left 87.82 BTC consolidated across 10 output addresses. Global tracking efforts have so far frozen between $503,000 and $1.1 million of the stolen assets as portions begin moving into mixers. Chen confirmed that impacted client balances will be reimbursed in full via Bitget's $464 million User Protection Fund.