Bitget Hacked for $351M: Users' Funds Protected by User Protection Fund

Crypto exchange Bitget was hacked for an estimated $351 million after attackers compromised some of its hot wallets. The stolen funds, which include ETH, USDC, USDT, BNB, and AVAX, were swapped and bridged to other chains at prices lower than their spot prices.

The hack was first flagged by several onchain tools, which initially noted over $180 million in assets moving from Bitget's wallets to unidentified addresses. Users reported withdrawal issues as the platform failed to process transactions.

Bitget suspended withdrawals following the incident and will resume them after completing security checks. CEO Gracy Chen confirmed the hack in an X post, estimating the loss at around $351.6 million. The stolen funds fall within the exchange's User Protection Fund, which currently holds over $464 million.