Bitget Hit by $351M Hack as Supply-Chain Attack Leaves Exchange Reeling
Bitget, a cryptocurrency exchange, has confirmed that $351.6 million in assets have been stolen from its hot wallets following a security breach.
The attack occurred on September 24 at 2:31 p.m. ET (18:31 UTC) when Bitget's security system detected abnormal transfers from the hot wallets.
The affected assets include Ether (ETH), Tether (USDT), USD Coin (USDC), Avalanche (AVAX), and BNB across multiple blockchains, with withdrawals suspended while deposits and trading continued.
Bitget emphasized that its cold wallets were not affected by the breach and that its user protection fund held more than $464 million, exceeding the reported loss.
According to Gracy Chen, Bitget's CEO, a preliminary investigation suggests that a supply-chain attack involving a compromised third-party tool used in wallet operations was responsible for the breach.