Bitget Loses $388M to Massive Hack: Largest Incident in Exchange History

Bitget, a major cryptocurrency exchange, has been hit by a massive hack that drained at least $350 million in digital assets from its hot wallets.

The exploit occurred on September 24 and was confirmed by CEO Gracy Chen, who stated that no private keys were stolen.

The losses have since escalated to over $387.5 million, making it the largest hack incident in the exchange's history.

According to Bitget, the hacker used spoofed transfers to compromise its wallet backend, resulting in significant losses for the platform.