North Korean cybercriminals are likely behind this year’s largest virtual heist so far, which resulted in the theft of $351.6 million from Seychelles-based cryptocurrency exchange Bitget, according to the head of the company.

After announcing on X that security systems had detected “unauthorized transfers” from internet-connected “hot wallets” at 6:31 p.m. UTC on Thursday, Bitget CEO Gracy Chen said during a live stream on Friday that analysis of blockchain and digital infrastructure showed behaviour consistent with North Korean actors.

“It’s the DPRK or some of their partners together, but we’ve identified some IP