Bitget Suffers $351.6M Hack as Wallet Backend Compromised

Bitget has announced that hackers breached its wallet backend system, leading to a loss of approximately $351.6 million in assets.

The attack did not involve the theft of private keys or compromise of cold wallets, and Bitget's User Protection Fund is sufficient to cover the loss, with over $464 million available.

According to CEO Gracy Chen, attackers manipulated transaction data and triggered Bitget's authorization process, causing fraudulent transfers to be approved.

The largest affected asset was XRP, accounting for nearly half of the reported loss, followed by ETH and several stablecoins.