Bitget Slammed by $352 Million Hack: Is North Korean Link Confirmed?

Bitget, a major crypto exchange, has suffered a massive hack resulting in the theft of approximately $352 million. The company's CEO, Gracy Chen, believes that the attack is linked to North Korea.

The unauthorized transfers were detected from hot and warm wallets on Thursday, but Bitget's cold wallets were unaffected. Withdrawals are currently suspended while trading continues.

According to preliminary findings, the attackers broke into a critical backend system of the exchange's wallet infrastructure, forged transfer details, and triggered the regular signing process. No private keys were leaked during the attack.

Chen stated that some funds have already been recovered, but did not provide a specific figure. Bitget points to its Protection Fund, which holds over $465 million, as a potential means of covering the loss.