Bitget Hacked: $351.6 Million Lost in Hot Wallet Outflow
Bitget, a cryptocurrency exchange, was hacked on September 24th. According to CEO Gracy Chen, the security system detected abnormal outflows from some hot wallets at 18:31 UTC.
Preliminary accounting put the affected funds at about $351.6 million.
The platform has paused withdrawals but deposits and trading remain open.
Cold wallets are secure, user account balances were not rewritten, and losses can be covered by a user protection fund of more than $464 million.
On-chain analysts had already observed wallets labeled Bitget sending about $178 million to $190 million in assets to newly created addresses.
The on-chain anomalies and the official detection time largely coincide. Unchained recorded the visible outflow window as 18:31-20:55 UTC on September 24.
During that period, a newly created address withdrew about 19.67 million USDT0 from a Bitget-labeled hot wallet and swapped it for about 7,111 ETH in roughly six minutes at prices as much as about 5% above market.