Bitget Exchange Hacked, $351.6 Million Loss

The cryptocurrency exchange Bitget has confirmed a hacking incident. CEO Gracy Chen announced that the amount affected by the attack is approximately $351.6 million. Preliminary findings indicate that over $170 million in cryptocurrency was transferred from Bitget-branded wallets to a newly created address. The transferred assets include Ether, USDT, USDC, AVAX, and BNB. Chen stated that Bitget uses a three-layer wallet system and that all cold wallets are secure. The attack was limited to certain parts of the hot wallet infrastructure. It was expressed that the balances in user accounts appear correct and that assets are safe. Bitget's user protection fund is over $464 million and covers the estimated total loss. The exchange has halted withdrawal transactions until the security review is completed, but deposit and trading activities continue. An investigation into the incident is ongoing, and Bitget plans to share updates hourly.

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