Bitget Freezes Withdrawals After $351.6M Crypto Heist

Crypto exchange Bitget has temporarily suspended customer withdrawals after detecting unauthorized transfers from some of its wallets. The company noticed the issue on Thursday and immediately took action to protect user funds.

The hack resulted in the theft of approximately $351.6 million worth of cryptocurrency, but Bitget claims all user funds are safe and that the loss was covered by their own funds.

In a statement, Gracy Chen, CEO of Bitget, said that withdrawals remain suspended as a security precaution, not because of any shortfall in funds.