Crypto exchange Bitget pauses withdrawals after $350 million stolen in hack

PARIS, Sept 25 : Crypto exchange Bitget has stopped allowing customer withdrawals following the theft of crypto worth approximately $351.6 million in a hack, it said, adding all user funds were safe.

Bitget had noticed "unauthorised transfers" from some of its wallets on Thursday and it "temporarily suspended" customer withdrawals, Gracy Chen, CEO of the Seychelles-based company, said in a statement posted on X.

Chen said that all user funds were safe and that the loss was covered by Bitget's own funds.

"Withdrawals remain temporarily suspended as a security precaution, not because of any shortfall in funds," Chen told Reuters in an emailed statement on Friday.

Bitget says it has more than 120 million users, making it one of the world's largest crypto exchanges.

Crypto exchanges have for years been subject to hacks and thefts. Last year, crypto exchange Bybit had $1.5 billion stolen in a hack, which the FBI attributed to North Korean hackers. 

North Korea routinely denies involvement in cyber hacking or crypto heists. 

Authorities have said criminals can quickly move stolen cryptocurrency across borders, without using the mainstream financial system.