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Bitget Hack: AI's Role in Massive $352M Crypto Theft
25 Sep
Summary
- Hackers stole $352 million from Bitget, causing withdrawal suspension.
- AI's increasing capabilities are linked to a rise in crypto cyberattacks.
- Bitget's protection fund reportedly covers the loss; deposits still active.
Cryptocurrency exchange Bitget has suspended withdrawals after hackers illicitly transferred nearly $352 million from its wallets. CEO Gracy Chen confirmed the breach, which occurred on Thursday evening, assuring users that customer funds are secure due to the exchange's User Protection Fund, which holds over $464 million.
The stolen assets originated from Bitget's "hot" and "warm" wallets, which are used for processing transactions. The company's offline "cold" wallets remained unaffected. While withdrawals are paused, deposits and trading continue as the investigation is underway.
Although the perpetrators are not yet identified, Bitget suspects potential North Korean involvement. The incident aligns with a broader trend of increasing cyberattacks on cryptocurrency platforms, amplified by advancements in AI. Blockchain analytics firm Chainalysis reported a 440% surge in AI-assisted malicious entries.
This theft follows other major breaches, including a $320 million Bitcoin drain from the Liquid Network and the loss of $89 million from Coldcard hardware wallets due to exploited flaws. The growing capabilities of AI agents in unauthorized access and vulnerability detection raise alarms, prompting calls for slower development of powerful AI systems from industry leaders.
