Crypto exchange Bitget pauses withdrawals after $449 million stolen in hack
The chief executive said all user funds were safe and that the loss was covered by Bitget’s own funds.
Crypto exchange Bitget has halted customer withdrawals following a hack that saw approximately US$351.6 million (S$449.2 million) stolen, the company announced. All user funds remain secure, according to Gracy Chen, Bitget's CEO, who stated via a post on X that the loss was covered by the company's own funds. Chen explained that the withdrawal suspension was a security precaution, not due to any shortage of funds.
As of Sept 25, Bitget reported having over 120 million users, positioning it among the largest crypto exchanges globally. Hacks and thefts in the crypto exchange sector are common, with Bybit suffering a US$1.5 billion loss in a hack in 2025, which the Federal Bureau of Investigation linked to North Korean hackers. Despite North Korea's repeated denials of involvement in such cybercrimes, authorities acknowledge the ease with which criminals can transfer stolen cryptocurrency across borders, bypassing conventional financial systems.
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