Bitget confirms $351.6M crypto hack and suspends withdrawals

After suspicious movements were noted from a few of Bitget’s online wallets, the site temporarily removed permission for withdrawals.

It was thought that around $351.6m of assets were impacted. Balances remain right, and the exchange’s protection funds are large enough to cover the loss.

Bitget reports unauthorized wallet transfers

On September 24 at 18:31 UTC, the exchange’s security systems spotted the transfers, said Bitget. They alerted their emergency team, who looked into it and discovered flagged addresses receiving the transfers.

​However, the initial estimates were lower, as blockchain analysis company Bubblemaps found that roughly $192 million had drained from the wallets through different networks.

Those transfers included Ether, BNB, Avalanche, Tether, USDC and gold-backed XAUT. Some assets were sent to one address before being distributed across several others.

The latest prediction from Bitget of another $351.6 million in stolen money tells that there is more to the attack than could be extracted from blockchain analyses.

To date, Bitget has not provided a complete list of affected wallets from the most recent attack, and their reasons for the difference in the amount extracted are yet to be known.