Bitget reports $351.6 million theft from crypto exchange
Customers remain unable to withdraw funds until investigators approve a safe restart.
Bitget reported that roughly $351.6 million was taken from its hot and warm wallets after monitoring tools detected unusual transfers late Thursday; TechCrunch describes it as the largest known crypto theft of the year. CEO Gracy Chen said the incident affected Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC and Base, and linked the activity to patterns associated with North Korean hacking groups. The exchange says an intruder abused a backend wallet system to falsify transaction data and trigger authorization, but that further unauthorized transfers are no longer possible. Withdrawals remain suspended until investigators approve a safe restart, while deposits and trading continue; Bitget says its protection fund holds more than $464 million to cover customer losses.
Why it matters
Bitget says its protection fund covers the incident, but that does not remove the immediate withdrawal restriction. Customers must wait for investigators to confirm withdrawals can safely resume.
Series Bitget exchange theft
- Bitget says wallet theft came through zero-day flaws in security appliances
- Bitget resumes Bitcoin withdrawals after $387.5 million was transferred to attackers
- Bitget reports $351.6 million theft from crypto exchange
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