Crypto exchange Bitget pauses withdrawals after $350 million stolen in hack

• Bitget detected 'unauthorised transfers' from some wallets and temporarily suspended withdrawals as a security precaution, not due to fund shortfalls
• The $351.6 million theft adds to a pattern of major crypto exchange hacks, including last year's $1.5 billion Bybit theft attributed by the FBI to North Korean hackers
• Bitget is one of the world's largest crypto exchanges with more than 120 million users globally

Summary

Key Development: Cryptocurrency exchange Bitget suspended customer withdrawals on September 25 following a security breach that resulted in approximately $351.6 million in stolen digital assets.

Incident Details:

The Seychelles-based platform detected "unauthorized transfers" from some of its wallets on Thursday, prompting the temporary suspension of withdrawals as a security precaution. CEO Gracy Chen emphasized that all user funds remain safe and that Bitget's own funds will cover the losses, with the withdrawal suspension implemented purely as a protective measure rather than due to any funding shortfall.

Company Profile:

Bitget claims over 120 million users, positioning it among the world's largest cryptocurrency exchanges.

Industry Context:

This incident adds to a troubling pattern of crypto exchange vulnerabilities. Last year, competitor Bybit suffered a significantly larger breach, losing $1.5 billion in a hack attributed by the FBI to North Korean hackers—though North Korea denies such involvement. Authorities note that criminals exploit cryptocurrency's borderless nature to quickly move stolen assets outside traditional financial systems.

Market Implications:

The hack underscores persistent security challenges facing the cryptocurrency industry despite its maturation. For investors and traders, this incident highlights ongoing custodial risks associated with centralized exchanges and may renew concerns about platform security measures across the sector. The temporary withdrawal suspension, while presented as precautionary, may trigger short-term liquidity concerns and could impact trading volumes. The incident also reinforces regulatory scrutiny of crypto exchanges and their security protocols.