Bitget Loses $387M in Another Exchange Hack

Crypto exchange Bitget has suffered another significant loss due to a hack that compromised its wallet backend through spoofed transfers. According to CEO Gracy Chen, no private keys were stolen in the attack.

The initial loss was reported to be around $352 million, but it has now risen to $387 million as more assets are drained from Bitget's hot wallets across multiple chains. This is a stark reminder of the risks associated with holding digital assets on exchanges and highlights the need for robust security measures.

Bitget has confirmed that the hack was carried out using forged transfers, which compromised its wallet backend. The exchange has not provided any further details about the investigation into the attack or how it will prevent similar incidents in the future.