Crypto Exchange Bitget Loses $351.6m in Hot Wallet Hack, Suspends Withdrawals
Crypto exchange Bitget has confirmed that hackers stole approximately $351.6 million from its wallets in an overnight attack.
In a security notice signed by CEO Gracy Chen on Thursday, the Seychelles-based exchange said its systems detected unauthorised transfers from some hot wallets at 18:31 UTC on September 24.
Chen said the breach was limited to part of its hot and warm wallet infrastructure, while offline cold wallets remained secure. She said attackers did not steal private keys but compromised a backend system to fake transfer approvals.
The exchange has temporarily suspended customer withdrawals as a precautionary security review continues, while deposits and trading remain operational.
Bitget said the full loss will be covered by its User Protection Fund, which holds over $464 million, and that all user funds are safe. The exchange suspects North Korean-linked actors may be behind the attack. NVIDIA Tokenised bStocks Dips as US Yields Pressur
