Bitget Suspends Withdrawals After $351 Million Cryptocurrency Theft

Cryptocurrency exchange Bitget has temporarily suspended customer withdrawals after hackers stole digital assets worth approximately $351.6 million from some of the company’s wallets.

The Seychelles based exchange said it detected unauthorized transfers from several of its wallets on Thursday and immediately halted withdrawals as a security measure.

Bitget chief executive Gracy Chen said the company’s customers did not lose their funds and that the value of the stolen assets would be covered by the exchange’s own reserves.

Chen said the suspension was introduced as a precaution while the company investigates the incident and strengthens its security measures.

“Withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds,” Chen said in a statement.

The exchange has more than 120 million registered users, placing it among the world’s largest cryptocurrency trading platforms.

Bitget has not indicated how long withdrawals will remain suspended, but the company said it was working to address the security issue and protect its customers’ assets.

The incident adds to a long history of major cryptocurrency thefts targeting exchanges and digital asset platforms. Security breaches have repeatedly resulted in the loss of hundreds of millions of dollars worth of cryptocurrencies, highlighting the risks faced by companies operating in the sector.

One of the largest recent incidents involved Bybit, another major cryptocurrency exchange, which suffered a theft of about $1.5 billion last year.

U.S. authorities attributed that attack to North Korean hackers. North Korea has repeatedly denied involvement in cyberattacks and cryptocurrency thefts.

The Bitget incident is likely to increase scrutiny of security practices at major cryptocurrency exchanges, particularly as digital asset platforms continue to attract millions of users and handle large volumes of customer funds.

For Bitget customers, the immediate focus remains on the restoration of withdrawals and the company’s investigation into how the unauthorized transfers occurred.

The exchange has maintained that customer funds remain secure and that its own resources will cover the reported loss.

Courtesy: reuters