Bitget has suspended withdrawals and says its protection fund can cover the loss as AI-assisted cyber threats grow
Hackers have stolen nearly $352 million from major cryptocurrency exchange Bitget, prompting the company to suspend withdrawals. The breach comes amid mounting concern that AI is making cyberattacks easier to carry out.
Bitget detected unauthorized transfers from its wallets on Thursday evening, CEO Gracy Chen said. She stressed, however, that customer funds are safe and that the loss is covered by the company’s User Protection Fund, which holds more than $464 million.
The stolen assets came from parts of Bitget’s “hot” and “warm” wallets, which are used to process transactions and hold funds readily available for transfer. Its offline “cold” wallets were not affected, according to Chen.
She added that although withdrawals have been temporarily suspended, deposits and trading remain available while the company investigates the breach.
Bitget has not identified the perpetrators, but Chen said, without elaborating, that the company suspects North Korean involvement.
Blockchain analytics platform Lookonchain has estimated that the attackers have already converted about $183 million of the stolen assets into Ether tokens.
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