More than $350 million in crypto assets has been drained from wallets belonging to cryptocurrency exchange Bitget in a confirmed hack, according to CEO Gracy Chen.

Chen said company cold wallets, those held offline, remain “fully secure,” and that only the exchange’s hot wallets, those connected for daily trading, were affected by the exploit.

“User funds are safe. The full amount of this loss falls within the coverage of Bitget’s User Protection Fund, which currently holds over $464 million,” Chen posted on X.

On-chain sleuths, including Bubblemaps and Arkham analysts, initially flagged the unusual activity late Thursday as Bitget, one of the world’s larger centralized trading platforms, being “Source link