🚨 BREAKING: Bitget Hit by $352M Hack — CEO Gracy Chen Assures User Funds Are 'Safe'
Crypto exchange Bitget has suffered a major security breach resulting in approximately $352 million in unauthorized transfers. The announcement came shortly after independent on-chain researchers detected unusual wallet movements across multiple networks involving assets such as $ETH ,$BNB , $AVAX , and $USDT.
Here is what you need to know about the incident:
>> User Funds Protected: Bitget CEO Gracy Chen confirmed that customer account balances remain intact. The exchange's $464M User Protection Fund fully covers the entire affected amount.
>> Cold Storage Secure: Bitget’s three-tier wallet architecture contained the exploit to hot and warm wallet layers only; cold wallets were not compromised.
>> Operational Status: Trading and deposits remain fully online, while withdrawals have been temporarily paused pending a comprehensive security audit.
>> Market Impact: Native token $BGB saw brief downward volatility before stabilizing, with minimal broader market impact on major assets like $BTC and $ETH .
Bitget's security team is working alongside on-chain analytics firms and law enforcement, with a full technical incident report expected within 24 hours.
How important is an exchange's Protection Fund when choosing where to trade? Share your thoughts below! 👇
#writetoearn #Bitget #CryptoNews #CryptoSecurity #BinanceSquare
Crypto exchange Bitget has suffered a major security breach resulting in approximately $352 million in unauthorized transfers. The announcement came shortly after independent on-chain researchers detected unusual wallet movements across multiple networks involving assets such as $ETH ,$BNB , $AVAX , and $USDT.
Here is what you need to know about the incident:
>> User Funds Protected: Bitget CEO Gracy Chen confirmed that customer account balances remain intact. The exchange's $464M User Protection Fund fully covers the entire affected amount.
>> Cold Storage Secure: Bitget’s three-tier wallet architecture contained the exploit to hot and warm wallet layers only; cold wallets were not compromised.
>> Operational Status: Trading and deposits remain fully online, while withdrawals have been temporarily paused pending a comprehensive security audit.
>> Market Impact: Native token $BGB saw brief downward volatility before stabilizing, with minimal broader market impact on major assets like $BTC and $ETH .
Bitget's security team is working alongside on-chain analytics firms and law enforcement, with a full technical incident report expected within 24 hours.
How important is an exchange's Protection Fund when choosing where to trade? Share your thoughts below! 👇
#writetoearn #Bitget #CryptoNews #CryptoSecurity #BinanceSquare
