Bitget Hit by $351M Hack, Withdrawals Frozen as Probe Begins

What happened

Bitget founder Gracy Chen said Thursday that the crypto exchange suffered unauthorized transfers from parts of its hot and warm wallet infrastructure, with estimated damage of about $351 million.

Confirmed

Global impact / market context

An exchange hack of this size can weaken customer trust, because hot wallets hold coins connected to the internet, making them easier to steal. Bitget froze withdrawals, which means customers temporarily could not take out their own money.

Analyst inference

This event adds to concerns about crypto exchange security, since customer deposits depend on company-run wallets rather than bank protections. Investors holding coins on exchanges may reconsider keeping funds there, while the frozen withdrawals limit their ability to sell or move assets.

Analyst inference

What to watch

1. Bitget said withdrawals are frozen while a probe begins, so customers currently cannot take out funds from the exchange. Confirmed
2. Watch whether Bitget restores withdrawals soon, because a long freeze could push more customers to move coins off the exchange. Analyst inference
3. Watch whether the estimated $351 million loss grows or shrinks as the investigation continues and more wallet transfers are reviewed. Analyst inference

Evidence

• news.bitcoin.com