Bitget Exchange Hit by $350M Hack: Withdrawals Resume in Phases

Bitget cryptocurrency exchange was hit by a major security breach on September 24, resulting in the unauthorized transfer of between $350 million and $387.5 million from its hot and warm wallets.

The attack allowed hackers to gain access to a critical backend component within Bitget's wallet infrastructure, using spoofed transaction data to trigger legitimate authorization processes.

Fortunately, private keys were not compromised, and cold wallet reserves remained secure throughout the incident.

User balances remain unaffected and are backed by Bitget's User Protection Fund, which holds more than $464 million in publicly verifiable assets.