Bitget CEO Says North Korean Hackers Very Likely Behind $350 Million Breach

WHY IT MATTERS

Cryptocurrency exchanges are platforms where people buy, sell, and store digital currencies — similar to online banks for crypto. When hackers break into an exchange, they can steal users' funds, much like a bank robbery but carried out digitally. This reported $350 million theft highlights one of the biggest risks in crypto: if your funds are held on an exchange rather than in a personal wallet you control, they could be vulnerable to hacking. The phrase "not your keys, not your coins" is a common saying in crypto that reminds users that only by holding their own private keys (the digital passwords that control crypto assets) do they truly control their funds. State-sponsored hacking groups, like those linked to North Korea, have become a major concern in the crypto industry because of the scale and sophistication of their attacks.