Bitget CEO suspects North Korea behind $352M hack, citing IP clues
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitget CEO Gracy Chen suspects North Korean hackers are behind the $351.6 million security breach at the exchange, citing IP addresses linked to VPNs used by a North Korean group. Security investigators found similarities between this hack and previous North Korean attacks, and an onchain researcher named Specter independently linked the stolen funds to a North Korea-linked collective. Bitget reported unauthorized transfers from its hot and warm wallets and has suspended withdrawals following the incident.
Why it matters
The source implies this development matters due to the ongoing threat North Korean hacking groups pose to cryptocurrency exchanges, highlighting persistent security risks. The exchange's statement about partial recovery efforts suggests broader implications for asset traceability and cooperation within the crypto industry. The source does not elaborate further on market or policy impacts.
Key context
North Korean hackers were previously linked to an estimated $2.02 billion in crypto thefts in 2025, including a $1.5 billion breach of Bybit, as attributed by the FBI. The pattern of the Bitget hack reportedly resembles past North Korean operations. The attack exploited a compromised backend wallet system to forge transfer information without accessing private keys or user withdrawal requests.
Key numbers and entities
Bitget exchange, CEO Gracy Chen, North Korean hackers (Democratic People’s Republic of Korea, DPRK), onchain researcher Specter, and the suspected North Korea-linked group TraderTraitor are the main entities. The breach involved approximately $351.6 million, with some stolen funds reportedly recovered. Other incidents referenced include the $1.5 billion Bybit hack and the $24 million AFX hack.
What remains unclear
The exact systems compromised, the detailed method hackers used to gain access, the precise amount of funds recovered, and the full extent of withdrawal suspensions remain unspecified. Additionally, the source does not clarify any immediate regulatory or market responses to the breach.