Bitget Hacked for $351.6 Million in Massive Crypto Heist

Bitget, one of the largest crypto exchanges, has been hit by a massive hack that drained $351.6 million from its hot wallet. The incident was first flagged by Arkham Intelligence, which noted large withdrawals of AVAX, BNB, ETH, and stablecoins followed by swaps to ETH.

The attacker compromised Bitget's back-end system, spoofed transaction history, and triggered withdrawal authorization without accessing the private key. Bitget CEO Gracy Chen confirmed that the incident was contained in a hot wallet, with cold wallets unaffected.

As a result of the hack, Bitget has temporarily suspended withdrawals while it conducts a security review. Deposits and trading remain open, and user balances on the exchange are secure.

The exchange has flagged the receiving address and is working with law enforcement authorities and on-chain security firms to recover the stolen funds. Bitget expects to publish a full incident report within 24 hours, detailing how the incident occurred and remediation measures taken.