Bitget Hit by Massive Hack as $351M Vanishes From Wallets

Crypto exchange Bitget has suspended withdrawals after hackers made off with an estimated $351.6 million from some of its wallets.

The Singapore-based exchange reported the unauthorized transfers and assured users that their funds are safe, stating that the full amount of the loss falls within the coverage of its User Protection Fund.

Bitget's Chief Executive Gracy Chen said in a post on X early Friday: 'User funds are safe.'

The exchange holds over $464 million in its User Protection Fund, which is designed to cover losses in cases like this.