Crypto exchange Bitget pauses withdrawals after $350 million hack

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.