Bitget Hacked: Crypto Exchange Loses $351.6 Million to Hackers

Crypto exchange Bitget has suspended withdrawals after hackers made off with an estimated US$351.6 million from some of its wallets.

The hack, one of the largest centralised exchange exploits this year, comes on the heels of a series of recent attacks that have put crypto cybersecurity in the spotlight.

'User funds are safe,' Bitget CEO Gracy Chen assured users via X early Friday morning. 'The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over US$464 million.'

Bitget has confirmed that deposits and trading remain fully operational, but withdrawals have been temporarily paused as the exchange conducts a security review.