Bitget, a cryptocurrency exchange based in Seychelles, has temporarily halted withdrawals following an unauthorized transfer of approximately $351.6 million from its hot wallets and warm wallets. CEO Gracy Chen has assured users that their funds remain secure, citing the platform’s User Protection Fund which reportedly exceeds $464 million. As a precaution, withdrawals are suspended while the platform’s deposit and exchange functions continue to operate. This incident raises concerns about the security of centralized exchanges and could potentially impact market confidence and liquidity.
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