Bitget Suffers Massive Hack, Loses $351.6 Million

The cryptocurrency exchange Bitget has reported losses of $351.6 million due to unauthorized interference in its hot wallets.

According to CEO Gracie Chen, the security systems detected unusual transfers from certain hot wallets, prompting an immediate response from the security team.

Chen assured that 'cold' wallets remain fully protected and that the full amount of damages is covered by the Bitget User Protection Fund, which currently stands at over $464 million.

The exchange has temporarily suspended withdrawals as a precautionary measure after identifying anomalous transfer addresses.