Bitget blames North Korea for $387.5M crypto wallet raid

The CEO of crypto exchange Bitget has confirmed that a cyberattack with all the hallmarks of a North Korean operation resulted in approximately $387.5 million worth of digital assets being stolen from the exchange’s wallets. Bitget initially estimated the loss at $351.6 million, but later revised the figure to $387.5 million …

[MachDiamond]

Blockchain?

Wait, this must be a lie. Crypto is mo betta than "fiat" currency and way more secure.

/s

Since I'm not trading in military arms or recreational chems, any anonymity aspect (mostly debunked) doesn't do me much good.

[simonlb]

Re: Blockchain?

The only logical reason I can think for anyone to even consider using ponzi money crypto is to avoid any scrutiny of where the money actually came from or bypass any regulatory requirements. Either way, if you use it you can expect at some point to potentially lose it.

[Gavsky]

Re: Blockchain?

'Tis certainly a big benefit for the 'naughty people' but there are lots of legitimate users. They just don't factor-in security or environmental cost, it seems.

[Sproggit]

Wrong Sort of Security

Feeling a bit like a British Rail announcer - "wrong type of leaves on the track...", etc., I'm inclined to gently push back here. Not at the sarcasm - that's always welcome, TBH, but at the direction of the finger pointing.

Bitcoin is carried in e.g. UTF-8-formatted text files. If you really wanted you could print out your Bitcoin wallet on paper and walk around with it in your physical wallet. It wouldn't be practical, but you could do it. "Bitcoin" are really just serial numbers to uniquely addressable/exchangeable units.

In order for Bitcoin to be "way more secure", the person who uses it has to keep their Bitcoin assets - strings of characters - in a secure, protected and backed-up location. That isn't the job of "Bitcoin" any more than the $20 note in your wallet has to keep itself secure. That's the job of your wallet and you.

It's not *exactly* the same [but close enough for this analogy] to say that Bitcoin is a bit like the private key for some data that you've encrypted using the AES-512 symmetric key algorithm. Is AES-512 proof against brute force attacks? Yeah, pretty much.

Is it still safe if you leave the private key laying around in an insecure place? Not as such, no.

I make this point just so we're not unfairly dissing blockchain-based ledger systems. After all, if they were "bad" you wouldn't have some of the largest banks in the world working to set up private blockchain infrastructure to handle settlements between institutions, would you?

https://www.jpmorgan.com/kinexys/index

What I think is much more likely - and the reason I'd advise people to steer well clear - is that the point where Bitcoin is vulnerable occurs where it transitions between the Blockchain and fiat currency. This is increasingly happening with "Exchanges" - except of course they're not properly regulated [strictly wild west territory]... and of course the people operating those exchanges are making fat profits from the conversion fees they charge.

One of the most promising opportunities for Bitcoin would have been as a means to eliminate the outrageous fees that banks charge for currency conversions, when you travel abroad - where the "spread" - the difference between the rate at which you buy a currency and can use it can easily be 2.75-3% Bitcoin transactions had [past tense] the potential to eliminate that - all you'd need to do is travel to your destination of choice and find a local holding enough currency and willing to accept BTC in exchange for it. Unfortunately, with the current crop of Exchanges... I'm not sure they are trustworthy enough...

[Grogan]

My heart just pumps purple piss for them. Cryptocurrency was made to be stolen.

I've never had need to use it, but if I ever do need to use "bitcoin" and friends, I would just purchase the amount I need for the transaction.

[Anonymous Coward]

"A fool and his money"

are soon parted.

[Anonymous Coward]

>Cryptocurrency was made to be stolen

Fiat currency as well, but I seriously believe a lot of this “NK” stuff may be happening through other entities

[MachDiamond]

"I would just purchase the amount I need for the transaction."

I'd be a bit worried about doing it correctly and not having the transaction connected to me in any way the filth can spot.

"Oh, just using it to send some money overseas to a friend, was it? I think we need all of your friend's information as well so we can check up on them."

[Gavsky]

But...but - I thought crypto was the future! Like garlic bread, but less starchy. Secure, out of Government control, easily transferable - did I mention the secure-thing? And yet...

[Anonymous Coward]

I've said it before & I'll have to say it many more times.

Oh no someone stole the emperors new clothes.

[Anonymous Coward]

How does North Korea keep doing this ?

It's a country that can't even feed its population.

How does it manage to have such an impressive computer division in an army that thinks looking good on parade means they are winning.

[Anonymous Coward]

Re: How does North Korea keep doing this ?

The same reason they have nuclear weapons. The leadership may well be despotic, but is not stupid. They recognize the value of people with aptitude in these fields and makes sure they are well resourced and 'incentivized' to serve. Whilst the vast majority may well be living a rather poor existence it does not mean that modest privileges are withheld when it serves the cause.

Cannon fodder might make up the bulk of the armed forces but it would be foolish to assume that they don't have better trained and equipped forces (usually engaged in protecting the Glorious Leader).

[KurzweilGeist]

Bitget the centralized cryptocurrency exchange (CEX)

Bitget is a cryptocurrency exchange (CEX) with a focus on derivatives. Registered in the Seychelles and operating as a VASP (Virtual Asset Service Provider) under BTG Technology Holdings Limited as the controlling platform.

Sandra Lou is the co-founder and former CEO of the cryptocurrency exchange Bitget. Previous positions included Operation Director at wallet/fintech-related firm Wallet Financial Services. 钱包金服. Other sources mention Henri Chen as the founder. ref