Bitget Hit by $351M Crypto Hack as Attackers Swap Stablecoins for Ethereum

Crypto exchange Bitget has confirmed a massive security breach after attackers drained several hot wallets and transferred funds across chains, resulting in losses of $351.6 million.

The attack occurred on September 24 at 18:31 UTC, when the security team detected unauthorized transfers. Within minutes, they went into emergency mode and limited withdrawals during the investigation.

Bitget CEO Gracy Chen stated that user funds are safe, and the company's protection fund will cover the entire reported loss. The fund currently holds over $464 million, according to Chen.