Cryptocurrency exchange **Bitget** today confirmed a major security incident, revealing that approximately $351.6 million in assets have been stolen from its hot and warm wallets. The breach was detected Thursday evening after **Bitget**'s security systems flagged multiple unauthorized transfers. ### Investigation Underway **Bitget** has temporarily halted all withdrawals as it thoroughly investigates the breach. The exchange is collaborating with law enforcement agencies, on-chain security institutions, and cybersecurity firms **Mandiant** and **SlowMist** to understand the full scope of the attack. The company emphasized that its self-custodial **Bitget Wallet** was unaffected, operating on independent infrastructure. Furthermore, **Bitget**'s **User Protection Fund**, currently holding over $464 million in **Bitcoin** (**BTC**), will cover all losses incurred by the incident. ### Attacker Modus Operandi **Bitget** CEO **Gracy Chen** stated that the attack impacted assets across multiple chains, including **Ethereum**, **XRP Ledger**, **Arbitrum**, **Avalanche**, **Optimism**, **BSC**, and **Base**. Affected cryptocurrencies include **ETH**, **XRP** (which saw the largest single-chain loss), **BNB**, **AVAX**, **USDT**, and **USDC**. **Chen** further indicated that the attack method aligns with known patterns of North Korean hacker organizations, based on IP behavior and on-chain analysis. Some hacker wallet addresses have reportedly been frozen on various chains since the incident. "The attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization process to move funds out," **Chen** explained, adding that no further unauthorized transfers are possible. ### North Korean Threat Landscape North Korean state-backed threat groups have a well-documented history of targeting cryptocurrency exchanges. These groups have been linked to numerous high-profile crypto heists, including the **Bybit** hack, where an estimated $1.5 billion was stolen, marking it as one of the largest crypto thefts on record. According to **Chainalysis**, North Korean hacking groups stole $1.34 billion across 47 crypto heists in 2024 alone. **Elliptic** estimated in February 2025 that these groups have accumulated over $6 billion in stolen crypto assets since 2017, with proceeds reportedly funding the country's ballistic missile program. **Bitget** has committed to restoring withdrawals as soon as investigations confirm it is safe to resume normal operations.