Bitget CEO Discusses Major Security Breach
Gracy Chen, the CEO of Bitget, announced that initial investigations indicated a connection between the recent theft of $351.6 million from the exchange and a hacking group linked to North Korea. During a live session on social media platform X, Chen stated that analysts discovered that certain IP addresses correlated with VPN services frequently used by known North Korean cyber criminals. This incident raises concerns since there have been previous hacks attributed to similar tactics employed by North Korean attackers. Chen expressed confidence that this breach was not an internal incident but rather an external cyber attack.
“We’ve come across several IP addresses that align with the VPN selections used by a specific group associated with the Democratic People’s Republic of Korea,” Chen revealed.
Broader Concerns Over North Korean Cyber Activities
This news comes amidst broader concerns regarding North Korean cyber activities, which reportedly amassed around $2.02 billion in cryptocurrency thefts in 2025 alone. This included significant breaches such as the $1.5 billion hack on the Bybit exchange, which has been directly linked to North Korean actors by the FBI. Chen noted,
“The method of attack mirrors previous activities we have seen from this North Korean team.”
Details of the Breach
In explaining the mechanics of the breach, she clarified that the hackers executed direct fund transfers from Bitget’s system rather than manipulating user withdrawal requests.
“They did not forge user withdrawal requests or extract our cold wallet’s private keys,” Chen explained.
Investigators are currently working to ascertain the full extent of the compromised systems and the means of the attacker’s entry.
Response and Future Measures
The event has led Bitget to suspend all withdrawals as a precautionary measure, with unauthorized transaction reports indicating impacts on parts of its hot and warm wallets. Chen also noted some funds have been retrieved, although she did not disclose specific recovery figures. The exchange is collaborating with blockchain organizations and other entities to further assist in the recovery process.
The recent incident has prompted discussions about security measures in the cryptocurrency sector, while Bitget is under review for enhancing its protective protocols to prevent future breaches.
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