Crypto Exchange Bitget Suspends Withdrawals After Hack

By Fabiana Negrin OchoaCrypto exchange Bitget suspended withdrawals after hackers breached a backend system to siphon about $351.6 million of funds.Bitget said its security systems detected the unauthorized transfers and activated response protocols immediately.The hack only affected "hot wallets," digital wallets which are constantly online, versus hardware-based cold wallets that store assets offline.In a post on X, Bitget Chief Executive Gracy Chen said cold wallets remain fully secure and user funds are safe."The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464 million," she wrote.The risk of leaking private keys--used to access and manage crypto funds--can be ruled out, and there is no danger of further outflows, Chen said.Bitget is working to restore withdrawals and will announce a timeline when confirmed."Every dollar and every decision will be accounted for, transparently and in full," said Chen.Write to Fabiana Negrin Ochoa at [email protected]