Bitget Hacked as $350 Million Vanishes From Crypto Exchange Wallets
Bitget Hacked as $350 Million Vanishes From Crypto Exchange Wallets
This wouldn't be the first time that trust got tested. In 2023, Bitget touted a $300 million protection fund built specifically to cover hacks, theft, and similar losses. It appears that protection fund has since grown, with the company's CEO today confirming it holds over $464 million and will cover customer losses.
The exchange has plenty of company. Rival exchange Bybit lost $1.4 billion in February 2025 after attackers spoofed a signing screen to hijack a routine cold-wallet transfer, the largest crypto theft on record. Across the industry last year, hackers stole a combined $2.72 billion from exchanges and protocols.
Editor's note: This story was updated after publication to include comment from Bitget CEO Gracy Chen confirming the hack.
This article has been published in decrypt.co via Yahoo News.
Bitget Hacked as $350 Million Vanishes From Crypto Exchange Wallets
A newly created wallet drained hot and cold reserves labeled as belonging to Bitget across multiple blockchains in under an hour.
finance.yahoo.com
