Bitget CEO Gracy Chen has attributed a $388 million hack of the crypto exchange to a security flaw originating from a third-party provider, as investigators work to trace the stolen funds and probe a potential connection to North Korean hackers.
What Happened
According to Chen, the breach did not stem from vulnerabilities within Bitget's own infrastructure but instead exploited weaknesses tied to an external service provider. The distinction is significant for the exchange, which has sought to reassure users that its core systems remained secure during the incident.
The exchange confirmed that a portion of the stolen assets has already been frozen through coordination with partners across the industry. However, Bitget has not yet disclosed the exact amount recovered, saying that efforts to reclaim the funds are ongoing.
The company insists its internal systems held firm, pointing the finger squarely at an outside security gap.
Investigation and North Korea Link
Investigators are examining whether the attack bears the hallmarks of state-sponsored hacking groups linked to North Korea, which have been blamed for a string of high-profile crypto thefts in recent years. Such groups, most notably the Lazarus Group, have been tied to billions of dollars in stolen digital assets.
Bitget said it is collaborating with blockchain analytics firms and other exchanges to track the movement of funds and freeze assets where possible. The company emphasized that recovery efforts remain a priority as the probe continues.
Key points from the incident include:
- The hack drained roughly $388 million from the platform
- Bitget attributes the breach to a third-party security vulnerability
- Some stolen assets have been frozen, though the recovered amount is undisclosed
- A possible North Korea link is being assessed by investigators
The episode adds to a growing list of security challenges facing centralized crypto platforms, underscoring the risks posed by dependencies on external service providers even when an exchange's own defenses hold.