Bitget CEO Gracy Chen said a preliminary probe into a $352 million cyberattack found IP addresses that match VPN setups used in past state-linked hacks. The official investigation is still open. When an exchange holds the coins, a breach on their side becomes a loss on yours.
Chen told reporters that Bitget’s security team saw several IP addresses tied to VPN configurations previously linked to state-sponsored cybercrime groups. She pointed in particular to patterns associated with North Korea in earlier cases. Bitget says it is working with law enforcement and outside security experts to follow the stolen funds and harden its systems.
A loss of that size is a reminder that exchange custody is the first risk in that story. Coins sitting on an exchange sit in someone else’s vault. When one company holds the balances, one successful intrusion can reach many customers at once.
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