Bitget Has Suspended Withdrawals After $352 Million Crypto Theft

Cryptocurrency exchange Bitget has suspended customer withdrawals after about $351.6 million worth of digital assets was stolen in a hack, the company said, adding that all user funds remained safe.

Bitget detected “unauthorised transfers” from some of its wallets on Thursday and “temporarily suspended” customer withdrawals, CEO Gracy Chen said in a statement posted on X.

Chen said all user funds were safe and that Bitget would cover the loss from its own funds.

“Withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds,” Chen said in a statement on Friday.

Bitget says it has more than 120 million users, making it one of the world’s largest cryptocurrency exchanges.

Crypto exchanges have been frequent targets of hacks and thefts. In February last year, cryptocurrency exchange Bybit suffered a $1.5 billion theft, which the FBI attributed to North Korean hackers.

North Korea routinely denies involvement in cyberattacks and cryptocurrency thefts.

Authorities have warned that criminals can move stolen cryptocurrency rapidly across borders without using the traditional financial system, complicating efforts to recover the assets.

Stay ahead of the Stories shaping our world. Subscribe to Impact Newswire and join our 
WhatsApp Channel for updates on global tech, business, and innovation—all in one place.

Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.

Got a story to share? Contact Us to reach a global audience with Impact Newswire.