# Bitget CEO Links $351.6M Hack to North Korea via IP Clues

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/23935
Published: 2026-09-25T00:44:01.000Z
Updated: 2026-09-25T00:44:01.000Z

Bitget CEO Gracy Chen said preliminary IP evidence links the exchange’s $351.6 million security breach to North Korean hackers, raising the prospect of another major crypto theft tied to the country’s cyber operations.

Chen said investigators found IP addresses that matched VPN choices associated with a North Korean group and identified similarities with earlier attacks. She said Bitget did not believe the breach was an inside job.

The attackers transferred funds directly from parts of Bitget’s hot and warm wallet infrastructure, rather than submitting forged customer withdrawal requests, Chen said. She added that the hackers did not obtain the private keys for the exchange’s cold, hot or warm wallets.

Investigators are still determining which systems were compromised and how the attackers gained access. Withdrawals remain suspended, and Chen said some stolen funds had been recovered without specifying the amount.

North Korean hackers were linked to an estimated $2.02 billion in crypto theft during 2025, including about $1.5 billion in the Bybit exchange hack. Bitget is working with blockchain foundations and other partners to recover additional funds.