$351M Hack Forces Bitget to Suspend Withdrawals Amid Crypto Cybersecurity Concerns

Crypto exchange Bitget has halted withdrawals after an estimated $351.6 million was transferred from some of its wallets in what it described as a 'hack'.

The breach, which occurred on September 25, is just the latest in a series of high-profile attacks targeting cryptocurrency platforms and has put the spotlight on crypto cybersecurity.

Bitget's CEO Gracy Chen emphasized that user funds are safe, stating 'User funds are safe. The full amount of this loss falls within the coverage of Bitget’s User Protection Fund, which currently holds over $464 million.'

The hack has raised questions about the security of cryptocurrency wallets, particularly with regards to hot-wallet and warm-wallet layers.