Bitget Hack Leaves $351.6M in Damages Overnight

A major hack has hit cryptocurrency exchange Bitget, draining $351.6 million from its hot and warm wallet system overnight.

The attackers compromised a backend wallet system, spoofed transaction data, and triggered the exchange's normal approval process, according to CEO Gracy Chen.

'Our security team has made initial progress in tracing the source,' Chen tweeted on September 25. 'The attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization.'

Bitget detected unauthorized transfers at 18:31 UTC on September 24 and activated emergency controls.

The exchange said its User Protection Fund holds more than $464 million, enough to cover the estimated loss.