Bitget Halts User Withdrawals Following Record $350 Million Cryptocurrency Exploit

Major cryptocurrency exchange Bitget suffered an exploit draining approximately $351.6 million across various tokens including ETH, BNB, AVAX tokens and major stablecoins, making it the biggest crypto theft of 2026. The exchange halted user withdrawals while conducting forensic reviews and security checks, though spot trading and deposits remained operational. Attackers breached a critical backend system in the wallet infrastructure to manipulate transaction history and trigger unauthorized withdrawal approvals without compromising private keys. Cybersecurity investigators traced the IP addresses and on-chain laundering patterns to state-backed North Korean hacking groups, with Bitget coordinating with law enforcement to flag and freeze illicit addresses.

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