Crypto exchange Bitget has suspended customer withdrawals following a security breach that resulted in the theft of approximately $351.6 million. CEO Gracy Chen confirmed that unauthorized transfers were detected from several company wallets on Thursday.
Despite the incident, the exchange maintains that all user funds remain secure. The company plans to cover the entire loss using its User Protection Fund, which currently holds more than $464 million in assets.
The withdrawal freeze is described by the platform as a temporary security precaution rather than a response to liquidity issues. Bitget, which serves over 120 million users globally, is currently working to trace the stolen assets and restore normal operations.
This event follows a significant breach in February 2025, when hackers stole about $1.5 billion from the Bybit exchange. That incident was attributed by the FBI to North Korean hackers, highlighting the ongoing risks faced by large centralized platforms.
