Bitget Freezes Withdrawals After $351.6M Crypto Heist

Crypto exchange Bitget has paused withdrawals after it was hacked for $351.6 million in cryptocurrency.

The company, which claims to have over 120 million users making it one of the world's largest exchanges, discovered 'unauthorised transfers' from its wallets on Thursday and immediately suspended customer withdrawals as a precautionary measure.

'Withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds,' Gracy Chen, CEO of Bitget, said in a statement.

Chen assured users that all their funds are safe, with the loss covered by Bitget's own reserves. The incident marks another high-profile hack in the crypto industry, following last year's $1.5 billion theft from Bybit, which was attributed to North Korean hackers.