Crypto exchange Bitget said it has stopped allowing customer withdrawals after theft of crypto worth approximately $351.6 million in a hack. It added that user funds were safe.
Bitget had noticed “unauthorized transfers” from some of its wallets on Thursday and it “temporarily suspended” customer withdrawals, Gracy Chen, CEO of the Seychelles-based company, said in a statement posted on X.
Chen added that all user funds were safe and that the loss was covered by Bitget’s own funds. She told Reuters in an emailed statement that withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds.
Chen also said that investigators identified internet protocol addresses linked to VPN services previously used by a North Korean hacking group. The pattern of the attack also resembled earlier operations attributed to the country, she said in a livestream on X earlier today.
Chen also said that the specific intrusion method used to enter Bitget’s systems remains under technical investigation.
The exchange’s security team found that the attacker breached a critical backend wallet system, used it to spoof transfer information and triggered Bitget’s authorization-signing process. According to Chen, the breach had been contained, preventing further unauthorized outflows.
“Private key compromise has been ruled out,” she said. Withdrawals remain suspended while technical teams repair and reinforce the affected systems, though deposits and trading continue normally.
READ: Indian Gaming Association backs Democrats seeking changes to crypto market bill before vote (
Chen did not commit to a firm timeline, however she said withdrawals could return within hours or days, but “shouldn’t take weeks,” in a broadcast on X a few hours after the attack. Bitget maintains that customer balances are accurate and that the loss is fully covered by it
Last year, another crypto firm Bybit had $1.5 billion stolen in a hack, which the FBI attributed to North Korean hackers. North Korea routinely denies involvement in cyber hacking or crypto heists. Authorities have said criminals can quickly move stolen cryptocurrency across borders, without using the mainstream financial system.
Bybit CEO Ben Zhou said his team was standing by to assist Bitget. Bitget had reportedly supported Bybit following its $1.5 billion hack in February 2025. Zhou added that Bybit is updating its LazarusBounty platform to help trace the stolen funds.
Bitget says it has more than 120 million users, making it one of the world’s largest crypto exchanges.