Crypto exchange Bitget says $352 million affected in a hack, claims user funds are 'safe'
Bitget said $352 million was affected in a hack after researchers flagged unusual wallet movements, while CEO Gracy Chen said user funds are safe. The incident creates a credibility and liquidity test for the exchange as investigators establish what was accessed and how losses will be covered.
Bitget CEO Gracy Chen announced the hack shortly after independent researchers identified unusual movements in wallets linked to the exchange. The company said $352 million was affected and characterized user funds as “safe.”
The sequence places the announcement after external monitoring had already drawn attention to the wallet activity, rather than following a previously scheduled company update. No further details on the affected assets, the mechanism of the breach or the timing of any recovery were established in the available reporting.
For Bitget, the direct link is between the wallet movements and its obligations to users: confidence depends on whether customer balances remain accessible and whether the affected funds can be isolated from operating or reserve assets. Researchers’ identification of the movements also makes the exchange’s explanation and subsequent disclosures part of the story.
The company’s assurance that user funds are safe is the central counterpoint to the reported $352 million impact. The scope of the hack, the party responsible and the amount ultimately lost remain uncertain from the initial announcement.
Further reporting would need to establish which wallets and assets were involved, whether any customer withdrawals are restricted, and whether Bitget publishes an accounting of the affected funds or a remediation plan.
Bitget says a hack affected $352 million after researchers flagged unusual wallet movements.
The immediate consequence is a credibility and liquidity test rather than a quantified equity setup: Bitget says user funds are safe, but the reported $352 million impact and the externally flagged wallet movements leave the scope unresolved. With no listed-company financial or consensus data tied to the exchange, the read turns on the next verified disclosure of affected assets, customer access and remediation.
The setup is invalidated by a verified accounting showing that the affected amount was contained without customer impact and that withdrawals and reserves remain fully supported.
CoverageSource: CoinDesk · Published here THU, SEP 24 · 5:59 PM ET · 2 reports · 2 publishers in this record · latest listed: Investing.com · FRI, SEP 25 · 1:12 AM ETHow this is decided →
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Bitget’s statement that user funds are safe, if supported by a wallet-level accounting and uninterrupted withdrawals, would limit the incident to a contained security event.
The $352 million figure and the fact that researchers flagged the wallet movements before the announcement leave room for a broader loss, disclosure gap or confidence shock.
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