Crypto exchange Bitget says $352 million affected in a hack, claims user funds are 'safe'
Bitget CEO Gracy Chen announced the hack shortly after independent researchers flagged unusual wallet movements.
Crypto exchange Bitget had $351.6 million dollars exposed to a system breach on Thursday, CEO Gracy Chen announced in a social media post.
In a post on X, Chen said that Bitget’s cold wallets and user funds were safe, and that there were “unauthorized transfers from some of our hot wallets.” The exchange maintains a “user protection fund” that had over $464 million in it, she said.
“Cold wallets remain fully secure. Bitget operates a three-tier wallet architecture — the breach contained only a portion of the hot wallet and warm wallet layers,” she added.
Emmett Gallic, an analyst at blockchain analytics firm Arkham Intelligence, said in an X post that the transactions involved three Bitget hot wallets and one cold wallet across multiple blockchains, with the funds consolidated into a single address. The assets included ETH, BNB, AVAX and USDT0, according to his analysis.