The crypto exchange's chief executive pointed to state-linked actors as the probable source of one of the year's largest hacks.

Bitget's chief executive has said North Korean hackers were very likely behind a breach that drained approximately $350 million from the exchange. The statement, confirmed across separate reports, marks one of the largest disclosed thefts at a major crypto trading platform this year.

Reporting on the incident varies slightly on the exact figure, with some outlets citing $350 million and others putting the loss at $351 million. The small discrepancy likely reflects timing differences in how the stolen funds were valued, or rounding across different reporting windows.

The CEO's attribution to North Korea aligns with a well-documented pattern. State-linked hacking groups tied to North Korea have been implicated in numerous crypto thefts over the past several years. Investigators and blockchain analytics firms have repeatedly traced stolen funds back to wallet clusters associated with these groups, often citing similarities in attack methodology, laundering techniques, and infrastructure reuse.

Exchanges remain a prime target because they concentrate large amounts of user funds in hot wallets and custody systems. A successful breach at this scale raises immediate questions about the security architecture protecting customer assets, and about how custodians balance liquidity needs against exposure to theft.

The use of the phrase "very likely" rather than a definitive confirmation is notable. Attribution in crypto hacks is difficult to prove with certainty in real time. Investigators typically rely on on-chain forensics, comparisons to previously identified hacker wallets, and behavioral patterns rather than direct evidence of identity. Final attribution often takes weeks or months, and sometimes involves government agencies or specialized blockchain forensics firms.

Bitget has not yet detailed the exact mechanism of the breach, such as whether it involved a compromised private key, a smart contract exploit, or a social engineering attack on internal staff. Details of this kind typically emerge in follow-up disclosures as internal investigations and third-party audits progress.

The scale of the reported loss places this incident among the more significant exchange hacks in recent memory. Losses of this magnitude can affect user confidence, prompt regulatory scrutiny, and pressure exchanges to strengthen custody practices, including multi-signature wallets, cold storage allocation, and withdrawal monitoring systems.

Market Impact

A theft of this size at a major exchange typically triggers short-term volatility in the affected platform's native token and can dent broader confidence in centralized custody models. Traders often watch for follow-on effects such as withdrawal freezes, liquidity strains, or emergency reserve announcements as exchanges attempt to reassure users.

Beyond Bitget itself, incidents attributed to North Korean hacking groups tend to draw attention from regulators and law enforcement agencies tracking state-sponsored cybercrime. Renewed scrutiny could accelerate industry-wide discussions about proof-of-reserves requirements, insurance mechanisms, and stricter custody standards across exchanges.

As investigations continue, further details on the breach's method and any recovery efforts are likely to shape how the industry responds to this latest large-scale theft.

Frequently Asked Questions

How much was reportedly stolen from Bitget?

Reports place the loss at approximately $350 million, though one source cited a figure closer to $351 million.

Who is believed to be responsible for the hack?

Bitget's CEO said North Korean hackers are very likely responsible, though full confirmation of attribution had not been established at the time of reporting.

Why are North Korean hackers frequently linked to crypto exchange breaches?

State-linked North Korean hacking groups have been repeatedly connected to crypto thefts in past years, based on on-chain forensics and recurring laundering patterns identified by investigators.

Has Bitget explained how the breach occurred?

Specific technical details about how the breach happened had not been disclosed publicly at the time this story was reported.

Originally reported by AltcoinGordon, written by Grace Mitchell. Republished with permission.

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