Bitget Hit with Record-Breaking $351.6 Million Hot Wallet Breach

Bitget, a centralised cryptocurrency exchange, has suffered a significant breach of its hot wallets. On September 24, attackers moved approximately $351.6 million out of these wallets, with no evidence of private key compromise. The largest holding was 102.93 million XRP, worth around $157.5 million.

According to Gracy Chen, Bitget's CEO, the exchange's cold wallets were unaffected and the loss is fully covered by the Bitget User Protection Fund. This fund holds more than $464 million and is publicly verifiable.

The breach occurred when an attacker compromised a critical backend system within Bitget's wallet infrastructure. The security team has confirmed that no further unauthorized transfers are possible, though the method of intrusion is still under investigation.