Crypto exchange Bitget is investigating a major security breach involving approximately $351.6 million in unauthorized transfers, with CEO Gracy Chen stating that preliminary findings indicate possible links to North Korean hacking groups.
Speaking during a live Q&A on X following the incident, Chen said security investigators identified similarities between the attack and previous breaches attributed to North Korean-linked groups. She cited IP addresses connected to VPN services reportedly used by a specific North Korean group as part of the early investigation.
Chen emphasized that the exchange does not believe the incident was an internal operation. She said investigators had not found evidence suggesting the breach resulted from insider activity and are continuing to examine which systems were compromised and how attackers gained access.
According to Chen, the attackers did not exploit forged user withdrawal requests and did not obtain private keys from Bitget’s cold wallets, hot wallets, or warm wallets. Instead, she said hackers accessed exchange systems and transferred funds directly.
The breach affected portions of Bitget’s hot and warm wallet infrastructure, leading the exchange to suspend withdrawals while investigations and recovery efforts continue.
Chen said the attack pattern appeared similar to previous incidents linked by authorities and security researchers to North Korean actors. She referenced broader concerns around crypto theft attributed to North Korea, including previous large-scale exchange breaches.
The CEO also confirmed that some stolen funds had already been recovered, although she did not provide details regarding the amount or the recovery process. Bitget is working with blockchain foundations and other industry partners as part of ongoing efforts to track and recover assets.
The incident highlights continued security challenges facing centralized crypto exchanges, particularly around wallet infrastructure, access controls, and operational security. Large-scale attacks targeting exchanges have increased attention on how platforms manage digital asset protection and incident response.
Market participants may continue monitoring Bitget’s investigation, additional details regarding the attack method, recovery progress, and whether investigators confirm any connection to specific threat groups.
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