Hack Exposes Bitget's Security Vulnerability Amid Month-Long Crypto Bloodbath
Bitget, an exchange expanding beyond cryptocurrency into equities and foreign exchange, has been hit by a massive hack that drained $351.6 million from its hot and warm wallets. The breach occurred on September 24 at 18:31 UTC.
The exchange's CEO, Gracy Chen, confirmed the incident, stating customer balances remain accurate and the losses are covered by Bitget's User Protection Fund, which holds more than $464 million.
Bitget has paused withdrawals pending a security review. The exchange identified and flagged addresses connected to the transfers and notified law enforcement agencies and on-chain security firms.
The hack adds to September's already substantial crypto losses, with DeFiLlama recording over $684 million in affected assets, surpassing April's figure of $646.9 million.