Bitget’s $352 Million Hack Involves Spoofed Transfers, Not Key Theft
- The breach was detected on September 24 at 18:31 UTC, involving unauthorized transfers from hot wallets.
- CEO Gray Chen confirmed that the hack also affected the warm-wallet layer, a buffer between hot wallets and cold storage.
- Loss containment measures have been implemented, preventing further unauthorized transfers.
- The specific method of intrusion is under investigation, with a technical report expected once details are confirmed.
- The total amount involved in the hack is approximately $352 million.
This incident highlights vulnerabilities within cryptocurrency exchanges, particularly in managing hot wallets and warm-wallet systems that facilitate quick transactions. The ongoing investigation aims to uncover how such spoofed transfers were processed without detection.
With losses amounting to $352 million, this breach underscores the critical need for enhanced security protocols in digital asset management.(Source)
