Bitget Hit by $351.6M Hack as Exchange Suspends Withdrawals

Crypto exchange Bitget has been hit by a significant hack, with $351.6 million in user funds exposed. CEO Gracy Chen announced the breach on social media, stating that cold wallets and user funds are safe.

The hack appears to have targeted hot wallets, which are more accessible than cold wallets but also more vulnerable to attacks. Chen explained that Bitget operates a three-tier wallet architecture, with only a portion of the hot and warm wallet layers affected by the breach.

The exchange has suspended withdrawals temporarily while it conducts a security review. Chen promised that an incident report would be published within 24 hours.