Bitget Exploited for $387.5M in Multi-Chain Breach Tied to North Korea

Cryptocurrency exchange Bitget is managing the fallout from a multi-chain breach that drained up to $387.5 million, marking the largest crypto theft recorded in 2026.

Where things stand

Attackers initially manipulated backend authorization data across seven networks to breach Bitget's hot wallets, taking an estimated $351.6 million on Sept. 30 [1]. Forensic tracing by Chainalysis subsequently revised the stolen sum upward to $387 million across four blockchains, attributing the campaign to North Korean actors [2]. The exploit pushed North Korea's total theft tally for 2026 past $1 billion [2]. By Oct. 5, Bitget paused user withdrawals as the total exploited capital reached $387.5 million, while launching an asset recovery bounty to retrieve the funds [3].

Why it matters

The incident underscores persistent vulnerabilities in centralized exchange authorization infrastructure and multi-chain operational security. Bitget maintains that its $464 million reserve fund covers the stolen balances [1]. However, the pause on withdrawals highlights the immediate friction imposed on exchange operations following advanced state-sponsored intrusions [3].

What happens next

Bitget is pursuing fund recovery efforts through its bounty program while withdrawals remain halted [3]. Investigators continue to monitor cross-chain movements of the stolen assets using automated tracking systems [2].