Crypto Giant Halts Withdrawals After $351M Hack

Crypto exchange Bitget has suspended customer withdrawals after a hack led to the theft of approximately $351.6 million in digital assets. The incident was detected on Thursday when "unauthorised transfers" from company wallets were identified. Bitget's CEO confirmed that all user funds are safe and that the exchange will absorb the financial loss.

Withdrawals are temporarily halted as a security precaution to protect against further unauthorized activity. The company, which reports over 120 million users globally, is one of the world's largest cryptocurrency exchanges. This event highlights ongoing risks within the crypto industry, which has seen numerous high-profile hacks and thefts in recent years. Criminals can exploit the borderless nature of cryptocurrency to move stolen funds quickly.