Bitget, a Singapore-based cryptocurrency exchange registered in Seychelles, confirmed that approximately $351.6 million worth of cryptocurrency was stolen. The attack occurred on September 24 and hot wallet owners were the most affected, while assets stored in cold wallets remained safe.
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Security systems detected unauthorized transfers involving a limited number of hot wallets at 18:31 on Thursday (21:31 Moscow time), after which the exchange initiated emergency response procedures, including temporarily halting withdrawals. However, deposits and trading are still available.
According to sources trading viewBitget CEO Gracy Chen listed Ethereum (ETH), XRP, USDT, USDC, Avalanche (AVAX), BNB and USDT0 on the Arbitrum network as affected assets. The attack affected Ethereum, XRP Ledger, Avalanche, BNB Smart Chain, and Arbitrum networks, with Ethereum owners being the most affected.
Chen ruled out the possibility that the private keys were stolen. According to her, attackers gained access to the office, accessed critical internal systems of the wallet infrastructure, and used it to forge transaction details and initiate the authorization process for fund transfers. However, this is a preliminary version. The investigation into the incident is ongoing and the results will be announced at a later date.
Most of the stolen funds were converted into Ethereum (ETH) by the attackers. Transfers remain visible on the public blockchain and continue to be tracked by relevant services. The exchange hands over all information about the addresses to which funds flow to law enforcement agencies and blockchain analysis experts.
Gracie Chen also stated that the losses suffered by customers will be fully compensated by the Bitget User Protection Fund, which has more than $464 million in its account.
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