Bitget Loses $350 Million in Exchange Hack Across Multiple Blockchains

The Breach and Initial Discovery

A newly created wallet drained Bitget's hot and cold reserves across multiple blockchains in under 60 minutes, according to reports from independent researchers who flagged the unusual wallet movements. Decrypt and CoinDesk reported drain totals of $350 million and $352 million respectively, a discrepancy likely reflecting different timing of the measurement or inclusion of specific assets. The breach was confirmed by Bitget CEO Gracy Chen shortly after the suspicious activity was flagged.

Company Response and Fund Claims

Chen stated that user funds remain "safe" following the hack, though Bitget has not yet provided a detailed explanation of how the exchange's wallets were compromised or the specific mechanisms used to drain the reserves. The company has not announced compensation mechanisms, insurance coverage, or a concrete timeline for restoring normal operations. No statement addressed whether the breach affected Bitget's ability to process withdrawals or settlements.

Blockchain Context

The multi-chain nature of the attack suggests the attacker gained access to private keys or signing authority across Bitget's infrastructure rather than exploiting a single protocol vulnerability. The speed of the drain—completed in under an hour—indicates either a sophisticated execution or a prolonged undetected access to the exchange's wallet management systems prior to the actual fund movement.