Bitget CEO Gracy Chen suspended user withdrawals on Sept. 24 after security systems detected unauthorized transfers in the exchange's hot and warm wallet infrastructure. The total theft was subsequently revised to $387.5 million from an initial $351.6 million estimate, with the hackers compromising a critical backend system to spoof transaction data. Bitget ruled out the leakage of private keys and is preparing a withdrawal restoration plan due on Sept. 26 at 04:00 UTC.

The attack is likely linked to North Korean hackers, according to Chen, who cited IP addresses matching VPN patterns used by DPRK-associated groups. Bitget intends to cover the losses using a 5,500 BTC user protection fund valued at approximately $464 million, supported by more than $1 billion in proprietary capital. On-chain analysis from Arkham indicates that the stolen assets, including $157.48 million in XRP, were split across thousands of wallets, with $183 million in ETH currently held in eight addresses.