Bitget loses $352 million in hack and says user funds are safe

Bitget lost $351.6 million in a system breach on Thursday. The loss was described as $352 million in the headline. CEO Gracy Chen said Bitget's cold wallets and user funds were safe. Chen said unauthorized transfers came from some hot wallets. Bitget's user protection fund held more than $464 million. Chen said the breach affected only part of Bitget's hot and warm wallet layers. Deposits and trading remained online. Bitget temporarily paused withdrawals for a security review. Onchain data and independent blockchain researchers had earlier flagged unusual wallet movements. They initially reported that about $183 million in digital assets had moved from wallets labeled as belonging to Bitget. Arkham Intelligence analyst Emmett Gallic said three Bitget hot wallets and one cold wallet were involved across multiple blockchains. Gallic said the funds were consolidated into one address. The assets included ETH, BNB, AVAX and USDT0.