Bitget detected unauthorized transfers worth approximately $351.6 million from parts of its hot and warm wallet infrastructure at 18:31 UTC on Sept. 24 and halted withdrawals. The exchange says customer balances remain intact, cold wallets were not affected and deposits and trading continue. Chief Executive Gracy Chen said Bitget’s User Protection Fund holds more than $464 million, enough to cover the estimated loss. Bitget says private keys were not stolen and that attackers instead compromised a critical backend component that fed falsified transaction data into the normal signing process. The exchange has contained the incident, contacted law enforcement and blockchain security firms, and is working with Mandiant and SlowMist on a full investigation. Onchain researchers traced assets including XRP, Ether, stablecoins and other tokens across several networks, with a large portion converted into Ether. Bitget said it would provide hourly updates and a technical report within 24 hours, but has not given a guaranteed timetable for restoring withdrawals. Speculation linking the attack to North Korea’s Lazarus Group remains unconfirmed.