Bitget CEO says $352 million hack used spoofed transfers, not private keys

Bitget lost $351.6 million in an overnight hack. CEO Gracy Chen said attackers faked transfer requests to drain funds. Chen said the attackers did not steal private keys. Chen wrote on X that an attacker compromised a critical backend system within Bitget's wallet infrastructure. The attacker used that system to spoof transaction data. The attacker then triggered the authorization process to move funds out. Chen wrote that private key compromise had been ruled out. Bitget said its $464 million-plus User Protection Fund would cover the loss. Deposits and trading remain open. Withdrawals are suspended pending a security review.