Bitget Suffers $351.6M Hack, Suspends Withdrawals Amid Security Review
Crypto exchange Bitget has been hit by a significant hack that saw hackers steal approximately $351.6 million from its hot wallets in an overnight attack.
In a security notice, CEO Gracy Chen confirmed that the breach occurred at 18:31 UTC on September 24 and affected part of its hot and warm wallet infrastructure, while offline cold wallets remained secure.
The attackers did not steal private keys but compromised a backend system to fake transfer approvals, according to Bitget.
The exchange has temporarily suspended customer withdrawals as a precautionary measure while it conducts a security review. Deposits and trading remain operational.
Bitget assured that the full loss will be covered by its User Protection Fund, which holds over $464 million, and that all user funds are safe.