Bitget Hit by $351M Hack, Withdrawals Frozen

Bitget, a Singapore-based cryptocurrency derivatives exchange, has been hit by a massive hack that resulted in an estimated loss of $351 million. According to reports, the breach occurred on February 4th and affected users' assets on the platform.

The exchange has since frozen all withdrawals as it begins its investigation into the incident. The team at Bitget is working closely with blockchain analysis firms to identify the root cause of the hack and prevent any further unauthorized transactions.

Bitget's officials have assured users that they are taking all necessary measures to ensure a smooth recovery process, but the exact timeline for restoring services is unclear.