Crypto exchange Bitget hacked for over $350 million

• Bitget said it was hacked for an estimated $351 million after attackers compromised a few of its hot wallets.
• The attackers have swapped and bridged several tokens, including ETH, USDC, USDT, BNB and AVAX.
• Bitget said the hack won't affect users because the loss falls within the coverage of its User Protection Fund, which holds $464 million.

Cryptocurrency exchange Bitget has been hacked for over $351 million after attackers compromised a few of its hot wallets.

The hack was first flagged across several onchain tools, which initially noted over $180 million in assets moving from a few of the exchange's wallets to unidentified addresses.

The potential attacker is swapping the stolen funds, which comprise ETH, USDC, USDT, BNB, AVAX, etc., for prices far lower than their spot prices and bridging them to other chains.

Several users reported withdrawal issues, with the platform failing to process transactions.

Bitget said it suspended withdrawals following the hack

Bitget CEO Gracy Chen confirmed the hack in an X post on Thursday, estimating the loss at around $351.6 million. Grace also said that the stolen funds fall within the exchange's user protection fund.

"User funds are safe. The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464 million," wrote Grace. "Every dollar and every decision will be accounted for, transparently and in full."

The exchange said it suspended withdrawals after the incident and will resume them after completing security checks.

Grace said the IPs traced to the hack are likely linked to the DPRK group.

​(The story is developing and will be updated as more information unfolds)