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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/26/2026

Bitget Hack Losses Escalate to $387M; North Korea's Lazarus Group Suspected

What happened: Bitget, a Seychelles-based crypto exchange, revised its estimated hack losses to $387.

Bitget Hack Losses Escalate to $387M; North Korea's Lazarus Group Suspected

What happened: Bitget, a Seychelles-based crypto exchange, revised its estimated hack losses to $387.5 million after uncovering additional thefts on Zcash and TRON. The attack, detected on September 24, exploited internal approval processes to authorize withdrawals from hot and warm wallets—without stealing private keys. The largest single asset drained was XRP (~103 million tokens, or about $157 million). Bitget's CEO Gracy Chen attributed the attack to North Korea's Lazarus Group based on VPN IP patterns and on-chain signatures, though law enforcement confirmation is still pending. Bitget's User Protection Fund, totaling ~$464 million, will cover all customer losses.

Why it matters: This incident is now one of the largest exchange hacks of 2026 and highlights evolving attack vectors targeting internal controls rather than just key management. The preliminary attribution to North Korea's Lazarus Group, if confirmed, would reinforce concerns about nation-state actors targeting the crypto sector for large-scale theft. Bitget's ability to cover losses from its protection fund may mitigate reputational damage, but the event underscores the persistent risks facing centralized platforms.

Source: Decrypt