Bitget Hack Losses Climb to $387.5 Million as Exchange Suspends Withdrawals
Bitget was “potentially hacked” after a newly created wallet drained hot and cold reserves labeled as belonging to the exchange across multiple blockchains in under an hour, according to Decrypt. The Block reported more than More than $170 million in crypto moves from Bitget wallets to unidentified address.
moved from Bitget wallets to an unidentified address that has since made several swaps, with the reason for the transfers unclear.
Bitget disabled withdrawals across every asset it lists — all 4,930 asset-network entries on its public API — after Bitget Disables Withdrawals For Every Asset After $165 Million Moves To One Address.
moved to one address, according to The Defiant, though deposits and spot trading stayed online. CoinDesk reported Bitget put the affected total at Crypto exchange Bitget says $352 million affected in a hack, claims user funds are 'safe'.
and said user funds remain safe; Cointelegraph cited a similar Asia dominates Crypto Adoption Index, Bitget’s $351M hack: Asia Express.
figure.
CEO Gray Chen said the hack occurred through spoofed transfers rather than compromised private keys, according to CoinDesk. CNBC reported Bitget suspects North Korea is responsible. Circle and Tether stepped in to freeze a wallet tied to the hacker, CoinDesk reported.
The Defiant later reported Bitget raised its estimate to Bitget Raises Hack Estimate To $387.5 Million As Token Accounting Widens.
as its token accounting widened, with XRP and ether dominating identified outflows and Zcash and TRON assets added to the count. Withdrawals remained paused as the accounting continued.
Sources: Decrypt, The Block, The Defiant, CoinDesk, Cointelegraph, CNBC
This article is for information only and is not financial advice.
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