Bitget Reportedly Hacked for $387 Million, North Korea Suspected
(7 days ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency exchange Bitget has reportedly suffered a hack with losses climbing to $387 million. Investigators have pointed to North Korea as a possible suspect behind the attack, though the investigation is ongoing.
WHY IT MATTERS
When you store cryptocurrency on an exchange, the exchange holds your funds for you, similar to how a bank holds your money. If hackers break into the exchange's systems, they can potentially steal those funds. This reported $387 million hack is a reminder of the risks involved in keeping crypto on centralized platforms. North Korea has been repeatedly accused of using state-sponsored hacker teams to steal cryptocurrency, which is like a government running a bank robbery operation to fund itself. For newcomers to crypto, this highlights why many experienced users recommend understanding the difference between keeping funds on an exchange versus using a personal wallet where only you control the keys to your assets.
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- decrypt.co
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