$351M Hack Hits Bitget as Unauthorized Transfers Exposed
Bitget, a major cryptocurrency exchange, has suffered an estimated $351.6 million hack that occurred on September 24 at 18:31 UTC.
The breach was detected by Bitget's systems and its security team activated emergency protocols immediately.
Gracy Chen, the founder of Bitget, confirmed that the incident only affected portions of the exchange's hot and warm wallet infrastructure, leaving cold wallets secure.
The exchange has temporarily suspended withdrawals while it conducts a security review and deposits and trading remain operational.
Bitget's User Protection Fund, which currently holds over $464 million, covers the entire estimated loss, according to Chen, who stressed that user account balances remain accurate and customer assets are protected.