Bitget CEO Says Recovery Unlikely After $387.5 Million Hack Linked to North Korea
Updated — view changes (3)
· body · New information from a source
Bitget has frozen only a small portion of the funds taken in the hack and has restored most of its protection fund, according to the CEO's comments to CNBC.The exchange's limited recovery prospects suggest the stolen assets may be largely unrecoverable through standard channels.- Bitget has frozen only a small fraction of the $387.5 million stolen from the exchange, according to CNBC.
- The exchange's CEO told CNBC he is "not expecting to recover a lot" of the funds, though Bitget has restored much of its protection fund, the outlet reported.
- Chainalysis has linked the hack to North Korea, according to The Defiant.
- The firm said the theft pushes North Korea-linked crypto thefts above $1 billion for the year, per The Defiant.
- Onchain records cited by The Defiant show the stolen XRP being swapped through THORChain.
- The incident adds to a string of large-scale thefts attributed to North Korean hacking groups, which have targeted exchanges and protocols as a means of generating revenue, according to Chainalysis as cited by The Defiant.
· summary · New information from a source
Bitget's CEO told CNBC the exchange is not expecting to recover most of the $387.5 million stolen in last week's hack.- Bitget's CEO says he doesn't expect to recover much of the $387.5 million stolen in a hack that Chainalysis has linked to North Korea.
· headline · New information from a source
Bitget expects little recovery from $387.5 million hack, CEO says- Bitget CEO Says Recovery Unlikely After $387.5 Million Hack Linked to North Korea
Every change made to this story after publication is recorded here automatically. A factual error gets a correction as well, on the corrections page.
Bitget has frozen only a small fraction of the Bitget has frozen a tiny fraction of the $387.5 million stolen in last week’s hack, and restored much of its protection fund.
stolen from the exchange, according to CNBC. The exchange’s CEO told CNBC he is “not expecting to recover a lot” of the funds, though Bitget has restored much of its protection fund, the outlet reported.
Chainalysis has linked the hack to North Korea, according to The Defiant. The firm said the theft pushes North Korea-linked crypto thefts above The firm says the theft pushes North Korea-linked crypto thefts above $1 billion in 2026, while onchain records show stolen XRP being swapped through THORChain.
for the year, per The Defiant. Onchain records cited by The Defiant show the stolen XRP being swapped through THORChain.
The incident adds to a string of large-scale thefts attributed to North Korean hacking groups, which have targeted exchanges and protocols as a means of generating revenue, according to Chainalysis as cited by The Defiant.
Sources: CNBC, The Defiant
This article is for information only and is not financial advice.
What the market did
Each figure is this site’s own reading, with what it was measured against. A blank is a reading nobody took, not a zero. The before-the-headline window prints the rate a RANDOM hour clears the same bar, because a hit rate without its null is not a finding.
Story so far 2 updates
- flashBitget expects little recovery from $387.5 million hack, CEO saysfirst reportedcnbc.com
- storyBitget CEO Says Recovery Unlikely After $387.5 Million Hack Linked to North Koreaupdate · 2 sourcescnbc.com · thedefiant.io
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