Chainalysis Attributes 387 Million Dollar Bitget Theft to North Korea

BeInCrypto reported that blockchain analytics firm Chainalysis has attributed a 387 million dollar theft from Bitget to hackers linked to North Korea. The attackers reportedly used a cross-chain swap to convert stolen XRP tokens into Bitcoin. They subsequently kept the tokens away from platforms to avoid seizure. [1]

According to BeInCrypto, this theft pushes the total value of cryptocurrency stolen by actors linked to North Korea above 1 billion dollars this year. The hackers swapped stolen tokens across chains from XRP into Bitcoin. The report notes that the actors actively maintained control over the converted funds. [1]

Wikipedia describes Bitget as a cryptocurrency exchange that was founded in 2018. Bitcoin is the first decentralized cryptocurrency, created in 2008 when an unknown person published a white paper under the name Satoshi Nakamoto. Use of the currency began in 2009 with an open-source release based on a free-market ideology. [2][4]

According to Wikipedia, the pseudonymous nature of Bitcoin has attracted attention from regulators due to its use by criminals. Concerns over illegal activity have led several countries to ban the cryptocurrency. El Salvador adopted Bitcoin as legal tender currency from 2021 to 2025 before revoking it. [4]