6h ago

Bitget CEO says exchange hack caused $351.6 million loss; withdrawals suspended

AI Market Summary

Bitget's CEO confirmed a $351.6M exchange hack, with the attacker swapping stolen assets into ETH, creating immediate on-chain sell/buy-flow uncertainty and raising counterparty-risk concerns across centralized venues. Although Bitget cites a $464M+ protection fund and claims user funds are safe, the temporary withdrawal suspension can amplify short-term liquidity stress and risk-off positioning, with ETH most directly impacted by conversion flows.

Impact level

● High

Affected assets

ETH/USDT+0.11%

AI Insight · ETH/USDTAI Insight

▼ Bearish

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Bitget’s CEO said the exchange was hacked, resulting in losses of $351.6 million. The attacker is swapping the stolen assets into $ETH. Bitget said its $464M+ Protection Fund will cover the loss and that user funds are safe. The exchange has temporarily suspended withdrawals.

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