AI · CoinDesk
Crypto exchange Bitget lost $351.6 million in an overnight hack
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“The attacker compromised a critical backend system within CoinDesk’s wallet infrastructure, used it to spoof transaction data, and triggered CoinDesk’s authorization process to move funds out,” Chen wrote on X.
Key facts
- The breach surfaced when Bitget’s systems flagged unauthorized transfers from some exchange hot wallets at 18:31 UTC on Sept. 24
- She added that Bitget’s User Protection Fund holds more than $464 million and covers the full loss
- Crypto exchange Bitget lost $351.6 million in an overnight hack
- As stablecoins move into regulated finance, APAC is becoming a key proving ground
Summary
Bitget lost $351.6 million after attackers compromised a wallet backend, spoofed transaction data and triggered the exchange’s authorization process, though the company said its private keys were not compromised. The breach affected hot and warm wallets, but Bitget said its offline cold wallets remained secure and that it had stopped further unauthorized transfers. Bitget said its $464 million-plus User Protection Fund would cover the loss, while deposits and trading remain open and withdrawals are suspended pending a security review. Crypto exchange Bitget lost $351.6 million in an overnight hack.