Published: October 8, 2026 | Category: Technology | By Mahesh
North Korea-linked hackers have now stolen more than $1 billion in cryptocurrency this year, and a single raid on the exchange Bitget on September 24 supplied the latest and largest slice.[1][3] Two analytics firms, Elliptic and Chainalysis, have tied the attack to North Korea-affiliated actors, and the numbers keep climbing as investigators finish tracing the money.[2][3]
This is the biggest crypto theft of 2026, and it matters whether or not you own a single coin. The stolen funds are widely believed to help a sanctioned state pay for its programs, and the techniques used keep getting more automated, a trend we also see in AI-assisted fraud. Our look at AI agent payment protocols shows why payment security is becoming everyone's problem.
What happened at Bitget
Bitget spotted unauthorised transfers leaving its hot and warm wallets at about 18:31 UTC on September 24.[2] The drained assets included ETH, XRP, BNB, AVAX, USDT and USDC across several blockchains.[2] The exchange paused withdrawals, brought in security firms Mandiant and SlowMist, and began restoring services in phases in the days that followed.[5][3]
Bitget says its User Protection Fund fully covers the loss.[2] That is the part customers care about most, and it is why this episode reads as a serious breach rather than a customer disaster. One report says the attackers spoofed Bitget's systems to approve the transfers, though the exchange had not published a full technical account when this article was written.[6]
Bitget's chief executive, Gracy Chen, said on a livestream that the perpetrator was likely a North Korean group, but the exchange's own technical basis for that call was still unpublished.[2] She pointed to IP addresses that matched a North Korea-linked group's VPN choices.[4]
Why two firms give two numbers
If you have seen both $357 million and $387 million in headlines, you are not imagining it. Elliptic's early estimate, relayed by Bloomberg, was $357 million.[1] Chainalysis later put the theft at $387 million in a report dated October 1.[3] My reading is that the gap comes from different tracing methods and different timing, since investigators revise totals as more wallets are mapped. Neither firm disputes the headline: this was the largest single crypto theft of 2026.[2][4]
How the money moved
Chainalysis traced the outflows across four blockchains, with nearly half going through Ethereum and about 41% through the XRP Ledger.[3] Smaller shares moved through Zcash and Tron.[3] According to Chainalysis, the attackers reportedly used a cross-chain swap to turn stolen XRP into Bitcoin and kept the tokens away from exchanges.[4]
The laundering pattern is what tied this case to earlier ones. Elliptic said the way the funds were moved resembled previous attacks attributed to North Korea, and some funds connected to addresses tied to the record $1.5 billion Bybit exploit of 2025.[1] Chainalysis added that North Korea increasingly uses sophisticated automation to move and obscure stolen funds.[4]
A pattern that keeps repeating
Bitget is not an outlier. Elliptic has tracked more than 50 North Korea-linked incidents this year, amounting to around $1.2 billion in stolen funds.[5] Chainalysis says North Korean actors stole over $2 billion in 2025.[4] Earlier this year the Drift and KelpDAO hacks together made up 76% of all crypto hack losses through April, according to TRM Labs.[4] After Bitget, September's losses jumped 462% from the month before.[4]
Notice the direction of travel: fewer, bigger hits. Instead of many small thefts, attackers go after a single exchange where a lot of value sits in hot wallets, the online wallets used for everyday withdrawals. That is a reminder that the weakest point is rarely the blockchain itself. It is the people and systems that guard the keys. For the defensive side of the story, see our piece on Nvidia's open agent safety platform.
The laundering network claim
A second thread surfaced this week. On-chain investigator ZachXBT said he funded an Ethereum address with 349,700 USDC and posed as a paying client to infiltrate an alleged money-laundering network that moved more than $1 billion for North Korea-linked hackers, according to a Crypto.news report relayed by BitcoinWorld.[7] The operation, he said, helped trace funds from the Bybit theft and led to a freeze of 442,000 USDT.[7] Treat this carefully. The relay itself notes that it does not independently confirm that one Chinese network laundered more than $1 billion.[7]
What we still do not know
Plenty. Bitget has not published a full technical post-mortem. The exact entry point remains unclear in the reports I read. Investigators say they are working with Bitget and law-enforcement partners and will keep monitoring the stolen funds, so recoveries or freezes could still come.[7] Attribution also rests on blockchain patterns and infrastructure, which is strong evidence but not a court verdict.
What this means for you
If you hold crypto on an exchange, this is a good moment to review your setup. Turn on the strongest two-factor authentication offered, keep only what you need for trading on any exchange and be suspicious of any message offering compensation, since scammers follow hacks closely. If you run a platform, the lesson is about limiting what a single compromised approval can move. If you invest, remember that a hack can hit exchange tokens and market confidence quickly. None of this is financial advice, and I am not a financial advisor.
Watch for three things next: Bitget's technical report, any freezes or seizures linked to the stolen funds and whether regulators respond to the $1 billion milestone. Our coverage of OpenAI's shelved flagship model shows how quickly security concerns can reshape technology plans.
Common Questions
How much was stolen in the Bitget hack?
Figures differ by source. Elliptic's early estimate, relayed by Bloomberg, was $357 million. Chainalysis later put the theft at $387 million in its October 1 report. Both agree it was the largest single crypto theft of 2026.
Who is behind the Bitget hack?
Blockchain analytics firms Elliptic and Chainalysis both link it to North Korea-affiliated actors. Bitget's CEO also said the culprit was likely a North Korean group, though the exchange had not yet published its technical basis. Attribution in cases like this is based on laundering patterns and infrastructure, not an official confession.
Will Bitget users lose their money?
Bitget said its User Protection Fund fully covers the loss. The exchange paused withdrawals after the breach and has been restoring services in phases since late September.
How much has North Korea stolen in crypto in 2026?
More than $1 billion, according to both Elliptic and Chainalysis. Elliptic has tracked more than 50 North Korea-linked incidents this year, while Chainalysis says the group stole over $2 billion in 2025.
How can I protect my crypto after a major exchange hack?
Use strong two-factor authentication, avoid keeping large balances on any exchange and be wary of phishing messages that claim to offer compensation. Check the exchange's official channels before acting. This is general safety information, not financial advice.
Sources
- Bloomberg Law, "Bitget Hack Pushes North Korean Crypto Haul Past $1 Billion", September 25, 2026. Link
- Elliptic, "Bitget attack pushes suspected North Korea crypto heists over $1 billion in 2026", September 25, 2026. Link
- CryptoRank, "Chainalysis Attributes $387M Bitget Hack to North Korea as 2026 Thefts Top $1B", October 3, 2026. Link
- Yahoo Finance, "Bitget Hack Update: XRP, Bitcoin, and North Korean Link", October 2026. Link
- The Star, "Bitget hack pushes North Korean crypto haul past US$1bil", September 28, 2026. Link
- CoinPaprika, "Chainalysis AI Traced North Korea's $387M Bitget Hack in Under 10 Minutes", October 5, 2026. Link
- BitcoinWorld, "ZachXBT: $349,700 Sting Traced Bybit Hack Funds To Lazarus-linked Network", October 2026. Link
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Depth Grid News Desk | depthgrid.in
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