Bitget Hacked as $350 Million Vanishes From Crypto Exchange Wallets

The speed here is the story: a single freshly created wallet sweeping both hot and cold reserves across multiple chains in under an hour points to a compromise of key management or internal signing infrastructure rather than a simple hot-wallet exploit. That matters for every exchange that markets itself on segregated cold storage, since the cold/hot distinction is the core of most custody claims. What remains open is whether the exchange confirms the loss, whether any of the moved funds are frozen or traced, and how the incident is classified — a custody failure and a bridge or protocol exploit carry very different consequences for the wider market.