Bitget Reportedly Hit by $170M Crypto Hack
The reported loss puts exchange custody controls and market confidence back in focus.
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The reported loss puts exchange custody controls and market confidence back in focus.
Bitget says cold wallets and user funds remain secure, with its $464M protection fund covering the loss as withdrawals stay paused.
Withdrawals remain paused while Bitget investigates, but the exchange says its $464M-plus protection fund covers the loss and customer balances remain accurate.
Bitget says cold wallets and user funds remain secure, but withdrawals are paused while the exchange reviews unauthorized hot- and warm-wallet transfers.
The suspension puts customer access and exchange security controls at the center of the incident, while the scale raises broader counterparty-risk concerns for crypto markets.
The figures cannot be independently verified, but they are the first concrete metrics a major venue has put on a claim bitcoin developers have been making all month.
With the access method unresolved and roughly $972M already stolen across the sector by late July, the incident sharpens focus on exchange withdrawal controls.
Eight months after Upbit lost $30M to thieves, the FSS finally moved, but Korean crypto law carries no direct sanction clause for hacks, leaving the actual penalty still undefined.