Seychelles-based Bitget suffers security breach involving $351.6 million
What happened
The Seychelles-based cryptocurrency exchange Bitget reported a security breach involving unauthorized transfers of approximately $351.6 million (£263 million) from part of its hot and warm wallet infrastructure. The company stated that emergency response procedures were activated within minutes of the detection of the transfers across multiple blockchain networks. Withdrawals were temporarily suspended, though deposits and trading remained operational.
From ibtimes.co.uk
Why it matters
Bitget CEO Gracy Chen confirmed the financial losses resulting from the hack. The company stated that its offline cold wallets remained secure and that the estimated amount affected falls within its User Protection Fund, which currently holds more than $464 million.
Bitget is a major player in the cryptocurrency exchange market.
From ibtimes.co.uk
Who's involved
- GPUSeychelles-based cryptocurrency exchange affected by the security breach
How it developed
Newest first. Tap a step to see who reported it.- Attackers compromised critical backend systems involving Ethereum and Bitget.Sub-event
Seychelles-based exchange affected by unusual movements on multiple networks.1 source