Bitget Halted Withdrawals After $351.6M Unauthorized Transfer

Bitget, a Seychelles-registered crypto exchange founded in 2018, has halted withdrawals after experiencing an unauthorized transfer of $351.6 million from parts of its wallets.

According to Bitget's Chief Executive Gracy Chen, user funds are safe as the loss is fully covered by the company's User Protection Fund, which currently holds over $464 million.

The breach was limited to hot and warm wallet layers, with cold storage intact. Chen said attackers compromised a critical backend system and used it to spoof transaction data.

Chen suspects North Korea of being behind the attack, citing stolen assets including Ether (ETH), XRP, BNB, AVAX, USDT, and USDC.