Bitget halts withdrawals after hack steals over $350 million in crypto
Crypto platform Bitget stopped user withdrawals after a hack that took about $351.6 million, while assuring that customer funds remain protected.
Following the discovery of illicit transfers from some of its wallets, Bitget announced a temporary suspension of customer withdrawals on Thursday. The breach resulted in the theft of roughly $351.6 million in cryptocurrency, according to the exchange. CEO Gracy Chen confirmed that the stolen amount will be reimbursed from Bitget’s own reserves and emphasized that no user funds are at risk.
Bitget, operating out of the Seychelles, claims a user base exceeding 120 million, placing it among the top global crypto exchanges. The incident adds to a series of high-profile hacks in the sector, including a $1.5 billion attack on Bybit attributed to North Korean actors. Authorities note that stolen digital assets can be swiftly moved across borders, bypassing traditional financial systems.
Why it matters
The hack underscores the security risks in major crypto exchanges and impacts millions of users worldwide.
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