Bitget CEO Gracy Chen said North Korean hackers may be behind the exchange's $351.6 million security breach, citing preliminary findings that link IP addresses to VPN services used by a Democratic People's Republic of Korea group. Investigators flagged similarities with previous North Korean attacks, and the exchange does not believe it was an inside job.
The suspected involvement of a state-sponsored hacking group in a major cryptocurrency exchange breach raises concerns about the security of digital assets and the potential for geopolitical tensions to spill into the financial markets. The scale of the theft also highlights the ongoing risks associated with cryptocurrency platforms.
Bitget CEO Gracy Chen suggested on Thursday that North Korean hackers may be responsible for the cryptocurrency exchange's $351.6 million security breach. Preliminary investigations have identified IP addresses that match VPN choices used by a known Democratic People's Republic of Korea (DPRK) hacking group, Chen said during a live Q&A on X.
Chen noted that security investigators flagged similarities between the breach and previous attacks attributed to North Korean actors. She explicitly stated that the exchange does not believe the incident was an inside job. The hackers gained access to Bitget's systems and transferred funds directly, bypassing the need to forge user withdrawal requests or compromise private keys for hot, warm, or cold wallets.
While investigators are still working to determine the exact systems compromised and the method of access, Chen disclosed that some of the stolen funds have been recovered. Bitget is collaborating with blockchain foundations and other partners on recovery efforts. Withdrawals remain suspended following the breach.
Pick the topics you care about. Get only what matters, on your cadence.