Bitget Exchange Reports $351M Hack, Pauses Withdrawals

Bitget Hit by $351 Million Hack, Withdrawals Suspended

Bitget, a major cryptocurrency exchange, disclosed a security incident Thursday resulting in the unauthorized transfer of approximately $351.6 million from its hot and warm wallets. Founder Gracy Chen confirmed the breach in a public statement.

The exchange has paused all withdrawals as it investigates the incident and assesses the full scope of the compromised funds. Bitget has not yet specified which cryptocurrencies were affected, but initial reports indicate significant onchain movements from wallets identified as belonging to the exchange.

Chen stated that the exchange is actively working with security firms to address the vulnerability and restore normal operations. The company is also collaborating with law enforcement agencies. Users are advised to monitor official Bitget channels for updates.

The incident adds to a growing list of crypto exchange hacks this year. The size of the Bitget breach places it among the larger incidents reported in 2023, raising concerns about the security of centralized cryptocurrency platforms. Further details regarding the nature of the exploit and the recovery plan are expected in the coming days.

Source: Bitcoin.com News