Bitget pauses withdrawals after $351M hack, CEO assures funds safe
by@Reuters
Summary
Crypto exchange Bitget has paused customer withdrawals after approximately $351.6 million was stolen in a hack involving unauthorized transfers from its wallets. Gracy Chen, the CEO, stated that all user funds remain safe and that the losses will be covered by the company’s own resources. This incident highlights a broader challenge in the cryptocurrency industry, as exchanges are frequently targeted by sophisticated thefts, which authorities note can quickly move stolen assets across borders, circumventing conventional financial systems.
Analysis
Bitget: Bitget is a Seychelles-based cryptocurrency exchange. The company detected unauthorized transfers from some of its wallets and responded by temporarily suspending customer withdrawals. It has stated that all user funds remain safe and that any losses are covered by the exchange's own reserves. Gracy Chen: Gracy Chen serves as CEO of Bitget. She publicly confirmed the withdrawal suspension as a precautionary security measure following the incident and emphasized that there is no shortfall in user funds. Chen provided updates via statements on X and to Reuters. Security Response: Crypto exchanges commonly suspend operations temporarily upon detecting wallet compromises to safeguard remaining assets. Industry Challenge: Crypto platforms continue to be targeted by sophisticated thefts that can move funds rapidly across borders outside traditional systems.
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