Crypto exchange Bitget loses USD 350 million in hack, pauses customer withdrawals

While user funds have remained safe, Bitget has covered the losses using its own internal funds, said CEO Gracy Chen

International Finance Business Desk

Crypto exchange Bitget, often called the world’s largest UEX (Universal Exchange), has stopped allowing customer withdrawals following the theft of crypto worth approximately USD 351.6 million in ‌a hack.

The company, however, said that all user funds were safe.

“Bitget had noticed unauthorised transfers from some of its wallets on Thursday, and it temporarily suspended customer withdrawals,” Gracy Chen, CEO of the ⁠Seychelles-based company, said in a statement posted on the popular micro-blogging platform X.

Chen further added that the loss was covered by Bitget’s own funds.

“Withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds,” Chen told Reuters last Friday.

Bitget ‌has well over 120 million users, making the venture one of the world’s largest crypto exchanges.

When it comes to hackers targetting crypto websites and exchanges, Bitget is not alone. In 2025, Bybit had USD 1.5 billion stolen in a similar heist, which the FBI attributed to North Korean hackers.

As per the American and global law enforcement authorities, criminals, after stealing the crypto, often transfer the virtual currency across borders without using the mainstream financial system.