GoKawiilBitget Says $388M Breach Likely Tied to North Korea, Freezes Withdrawals
Crypto exchange Bitget disclosed a $388 million security breach and said it is 'very likely' the work of North Korean hackers. The company stated that user private keys were not compromised and that a bitcoin-backed protection fund will cover the losses, while withdrawals remain frozen pending an investigation.
GoKawiil's interpretation of the reporting above, not reported fact.
The incident adds to a pattern of large-scale crypto thefts attributed to North Korean state-linked hacking groups, which researchers say have funded weapons programs through stolen digital assets. Bitget's decision to freeze withdrawals could affect user trust and liquidity even as the exchange assures customers of reimbursement, and the outcome may influence how other exchanges structure insurance funds against similar attacks.
- Bitget reported a $388 million hack it believes was 'very likely' carried out by North Korean actors.
- No private keys were stolen, and a bitcoin-backed fund is set to cover the losses.
- Withdrawals remain frozen while Bitget continues its investigation into the breach.
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Published there as: “North Korea ‘Very Likely’ Behind $388 Million Hack of Crypto Exchange Bitget”
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