Bitget Exchange Hacked for $350 Million in Major Security Breach

Bitget Exchange Hacked — The cryptocurrency exchange Bitget has suffered a major security breach, with approximately $350 million in user funds vanishing from its wallets in a swift attack on September 24.

According to on-chain data, a newly created wallet drained both hot and cold wallet reserves labeled as belonging to Bitget across multiple blockchains. The entire incident reportedly unfolded in under an hour, indicating a sophisticated and targeted attack on the exchange’s core infrastructure.

The scale of the theft places it among the largest exchange hacks in recent years, raising immediate concerns about the security of user assets. Bitget, a major global platform, has not yet released an official statement detailing the cause of the breach or its plan for compensating affected users.

Such incidents typically trigger heightened scrutiny of exchange security practices and can lead to increased regulatory pressure. The market impact of the hack on Bitget’s operations and broader investor confidence is being closely monitored.