Cryptocurrency exchange Bitget has disclosed a major security breach in which suspected North Korean hackers stole approximately $351.6 million worth of assets from its hot and warm wallets.
Bitget discovered the incident on Thursday evening after its security systems detected several unauthorized transfers from a limited number of crypto wallets. The exchange has since suspended withdrawals while it investigates the attack with law enforcement agencies, blockchain security organizations, and cybersecurity firms including Mandiant and SlowMist.
Bitget said its self-custodial Bitget Wallet was not affected because it operates on infrastructure separate from the exchange. The company also said its User Protection Fund, which currently holds more than 5,500 BTC worth about $464 million, will cover the losses.
According to Bitget, approximately $351.6 million in assets were affected, while its cold wallets and the majority of assets held on the platform remain secure. The company said customer account balances remain accurate and that deposits and trading continue to operate normally.
The exchange has not yet revealed exactly how the attackers gained access to its backend wallet-service system. However, Bitget said the attackers compromised a critical backend system, used it to spoof transaction information, and triggered the authorization process to move funds out of the affected wallets.
The attack involved several blockchain networks, including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BNB Smart Chain and Base. The stolen assets included ETH, XRP, BNB, AVAX, USDT, USDC and other tokens, with XRP representing the largest single-chain loss.
Bitget CEO Gracy Chen said the attack showed patterns that were highly consistent with known activity linked to North Korean hacking organizations. The company said it has reported the incident to relevant institutions and is cooperating with an international investigation.
Some blockchain networks have reportedly frozen hacker-controlled wallet addresses following the attack. Bitget said no further unauthorized transfers are possible and that investigators are still working to determine the specific method used to compromise its systems.
The exchange said withdrawals will be restored once investigators confirm that it is safe to resume normal operations.
North Korean-linked hacking groups have previously been associated with several major cryptocurrency thefts. One of the most significant was the $1.5 billion theft from crypto exchange Bybit, which was described as the largest cryptocurrency heist on record.
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According to figures cited in the source, Chainalysis estimated that North Korean hacking groups stole $1.34 billion through 47 cryptocurrency attacks in 2024. Elliptic estimated in February 2025 that North Korean hackers had stolen more than $6 billion in crypto assets since 2017.
Bitget Hack: Hackers Steal $351.6 Million in Crypto
