Bitget Suffers $351.6 Million Hack, Pushing September Crypto Losses to Yearly High

Bitget suspended withdrawals after unauthorized transfers drained approximately $351.6 million from its hot and warm wallets on September 24 at 18:31 UTC. CEO Gracy Chen stated that the exchange's cold wallets and the majority of user assets remain unaffected. The losses, which include a significant portion of Ethereum, are covered by the platform's $464 million User Protection Fund. Bitget is currently working with law enforcement and security firms to investigate the breach, with a full incident report expected within 24 hours.