Cryptocurrency exchange Bitget has frozen all withdrawals following a security breach that compromised its wallet infrastructure. CEO Gracy Chen confirmed that unauthorized transfers drained approximately $351.6 million from hot and warm wallets on September 24, marking the largest hack of the year. Bitget stated that its cold wallets remain secure and all losses are covered by a User Protection Fund currently holding over $464 million, meaning user funds are safe while deposits and trading remain operational.

The breach occurred after hackers accessed a critical backend system to forge transfer details and trigger the authorization process, though Bitget ruled out the leak of private keys. CEO Gracy Chen indicated the attack is likely linked to North Korean hackers based on IP addresses, while on-chain analysts have attributed the incident to the Lazarus Group. Stolen assets included 102.93M XRP and 31,890 ETH, and the exchange is scheduled to publish a full incident report within 24 hours.