“User funds are safe,” chief executive Gracy Chen said in a post on X early Friday in Singapore. “The full amount of this loss falls within the coverage of Bitget’s User Protection Fund, which currently holds over US$464 million.”

The hack continues a spate of recent attacks that have put crypto cybersecurity in the spotlight. Earlier this month, US$320 million worth of Bitcoin was drained from a wallet used by Liquid Network, while in August, the hack of the popular offline Bitcoin wallet Coldcard raised questions about the safest way to store the digital asset.

Chen said Bitget operates a three-tier wallet architecture and the breach was confined to portions of hot-wallet and warm-wallet layers, with cold wallets remaining…