Bitget’s $351.6M Hack and Protection Fund Response
- Bitget detected a $351.6 million breach at 18:31 UTC on Sept. 24 and halted withdrawals.
- CEO Gracy Chen assured that Bitget’s $464 million User Protection Fund can cover the entire loss.
- The exchange confirmed no private keys were stolen, and a full technical report is expected within 24 hours.
- Withdrawals are suspended, but deposits and trading remain operational.
- Law enforcement and blockchain security firms are involved in the investigation.
Bitget has taken swift action following a significant security breach affecting $351.6 million, with emergency procedures activated immediately to address unauthorized transfers from hot wallets.
Despite the substantial breach, Bitget assures users that customer balances remain intact due to its robust protection fund exceeding the loss amount by over $112 million.(Source)
