The stolen funds were held in hot and warm wallets, which are connected to the internet or otherwise more accessible than cold storage. This type of wallet is commonly targeted because it allows for quicker withdrawals without additional authorization steps.

Bitget has not publicly released specific CVE identifiers, advisory numbers, or detailed indicators of compromise in the disclosure.

Key facts:

• Affected platform: Bitget cryptocurrency exchange
• Amount stolen: $351.6 million
• Attribution: suspected North Korean hackers
• Compromised storage: hot and warm wallets

Users and exchanges should consider the following precautions:

• Move assets to cold storage where practical
• Review wallet access controls and withdrawal authorization requirements
• Monitor for unusual outbound transactions
• Rotate API keys and credentials associated with exchange accounts
• Enable multi-factor authentication on all exchange accounts
• Stay alert for follow-up phishing attempts impersonating the exchange

This is an ongoing story, and further details may emerge as Bitget and investigators release more information.

Source: BleepingComputer

If your organization holds funds on an exchange, are you reassessing your hot and warm wallet exposure after this incident?