Bitget Hack Losses Climb to $387M: Here’s What Happened, and Why North Korea Is a Suspect
An attacker faked internal transfer requests to drain $387.5 million from Bitget's hot and warm wallets, and the exchange's CEO says the fingerprints look like Pyongyang's.
Bitget CEO Gracy Chen suspects North Korean hackers may be responsible for the exchange's $351.6 million security breach, citing IP address clues pointing to a DPRK hacking group. During a live Q&A on X, Chen pointed to similarities with previous North Korean attacks. The CEO ruled out the possibility of an insider job, stating that investigators had identified IP addresses matching the VPN choices used by the DPRK group.
Chen also revealed that the hackers directly transferred funds from Bitget's systems, rather than forging user withdrawal requests or stealing cold or hot wallets. The breach, which occurred on Thursday, remains under investigation as Bitget works to determine the extent of compromised systems and the method of attack. Some stolen funds have reportedly been recovered, though the exact amount remains undisclosed.
The CEO emphasized that Bitget is collaborating with blockchain foundations and other partners on recovery efforts.
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- Bitget CEO suspects North Korea behind $352M hack, citing IP clues cointelegraph.com
