Bitget Hacked for $352 Million, Withdrawals Temporarily Suspended

Crypto exchange Bitget has been hit by a massive $352 million hack, leaving users concerned about their funds. According to CEO Gracy Chen, 'user funds are safe,' and the loss is covered by Bitget's User Protection Fund, which holds over $464 million.

The hack occurred on September 24, when Bitget's security systems detected unauthorized transfers from some of its hot wallets. The company operates a three-tier wallet architecture, with cold wallets remaining secure, Chen said.

Deposits and trading remain fully operational at Bitget, but withdrawals have been temporarily paused as the exchange conducts a thorough security review. A full incident report will be published within 24 hours, including root cause analysis and corrective actions.