Bitget Loses $351.6M in Hot Wallet Hack

Bitget lost $351.6 million on Thursday after attackers compromised a wallet backend, spoofed transaction data and triggered the exchange's authorization process, CEO Gracy Chen said. Private keys were not stolen and cold storage stayed secure. Withdrawals are paused pending a security review, while deposits and trading remain open. The exchange's $464 million User Protection Fund covers the loss, and a full incident report is promised within 24 hours.