Emergency response protocols were triggered on Thursday after a security team detected suspicious activity within a cryptocurrency exchange's digital asset wallets. Bitget subsequently confirmed that about $351.6 million was stolen from its hot and warm wallet layers after attackers breached a critical backend system to spoof transaction data. The company halted withdrawals while keeping trading and deposits open, asserting that a $464 million protection fund will fully cover the losses, though it ruled out a compromise of private keys.

CEO Gracy Chen stated the breach is likely the work of the Lazarus Group, a North Korean hacking collective, citing VPN usage patterns and IP addresses linked to the DPRK. On-chain monitoring shows the stolen funds, which include XRP, ETH, and AVAX, are being laundered through platforms such as PancakeSwap. Bitget will utilize its 5,500 BTC protection fund to reimburse users and has committed to publishing a full incident report within 24 hours of the event.