North Korean hackers are suspected of stealing more than $351 million from the servers of cryptocurrency exchange Bitget during a cyberattack on Thursday. This latest heist, the largest so far this year, follows a series of high-profile hacks targeting the crypto sector, with Bitget’s breach involving the unauthorized transfer of crypto from its hot wallets.

The company has since suspended crypto withdrawals on its network. Bitget chief executive Gracy Chen said the breach and heist were “highly consistent with known patterns of North Korean hacker organizations.” Such collectives have been linked to crypto thefts and have been suspected of targeting open source software to mass-hack victims with the aim of funding the country’s nuclear weapons program.

According to blockchain intelligence firm TRM Labs, North Korea is behind around three-quarters of all crypto thefts during 2026 to date. Bitget has $464 million in its user protection fund, which should cover the costs of the theft. But Chen did not say when Bitget’s withdrawals would open again.

The incident underscores the vulnerability of cryptocurrencies to such sophisticated attacks and the potential geopolitical implications of cyber warfare in the digital age. As the world grapples with the implications, one can only wonder if AI will become the new arms race for rogue states.