Suspected North Korean hackers compromised a critical backend wallet-service system at Bitget, enabling them to spoof transaction data and trigger authorization to transfer approximately $351.6 million from hot and warm wallets. The attack affected multiple blockchain networks including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC, and Base, and involved various tokens such as ETH, XRP, BNB, AVAX, USDT, and USDC. Bitget's cold wallets and the majority of platform assets were not affected. The User Protection Fund, holding about $464 million, will cover the losses. The company has frozen some hacker wallet addresses and is cooperating with law enforcement and cybersecurity firms. Withdrawals remain suspended pending investigation and safety confirmation.

The theft resulted in a direct loss of approximately $351.6 million from Bitget's hot and warm wallets. Despite the breach, cold wallets and most platform assets remain secure, and customer account balances are unaffected. Deposits and trading operations continue normally. The User Protection Fund will cover the financial losses, mitigating direct financial impact on customers. The incident disrupts withdrawal services temporarily and may affect customer trust and exchange reputation.

Bitget has suspended withdrawals to prevent further unauthorized transfers and is investigating the breach with law enforcement and cybersecurity experts. The company has frozen some hacker wallet addresses and confirmed no further unauthorized transfers are possible. The User Protection Fund covers all losses, and customer balances remain accurate. Users should monitor official Bitget communications for updates on withdrawal resumption. No additional user action is currently required as the self-custodial Bitget Wallet was not affected.