Bitget Exchange Reports $351.6 Million Hack, Claims User Funds Safe
- Bitget suffered a breach affecting $351.6 million, as announced by CEO Gracy Chen.
- The exchange’s cold wallets and user funds remain secure, with unauthorized transfers from hot wallets only.
- Bitget has a user protection fund exceeding $464 million to cover potential losses.
- Withdrawals are temporarily paused while a security review is conducted, although deposits and trading continue.
- Blockchain analysts reported unusual movements of approximately $183 million from Bitget’s wallets.
The hack involved three hot wallets and one cold wallet, consolidating various assets including ETH, BNB, AVAX, and USDT into a single address. This incident highlights vulnerabilities in cryptocurrency exchanges despite existing security measures.
As of now, Bitget has secured its cold wallets while dealing with the aftermath of the breach affecting over $351 million in digital assets.(Source)
