$351M Crypto Heist Hits Bitget Exchange: Withdrawals Halted Amid Investigation

Bitget, a prominent cryptocurrency exchange, has suspended withdrawals after detecting unauthorized transactions totaling $351.6 million from its hot wallet infrastructure.

The incident occurred on September 24 and triggered Bitget's emergency response procedures within minutes of detection. The affected amount is reportedly protected by the exchange's User Protection Fund, which exceeds $464 million.

Trading and deposits remain operational, but users have been advised to revoke contract approvals as a precautionary measure. Bitget Wallet has also reminded users to cancel permissions on unneeded tokens to minimize exposure to unwanted contract interactions.

The investigation into the attack vector is ongoing, with preliminary findings pointing towards IP addresses associated with VPN services owned by a DPRK-backed hacking group.