Bitget confirms $351M security breach, suspends withdrawals
Bitget said unauthorized transfers affected a limited number of hot wallets, while cold wallets and most platform assets remained unaffected.
Crypto exchange Bitget has disclosed that unauthorized transfers totaling approximately $351.6 million compromised a limited number of hot wallets. The platform suspended withdrawals as it investigates the security breach, which Bitget's security systems detected at 18:31 UTC on Thursday. CEO Gracy Chen informed that the breach was restricted to specific hot and warm wallet layers, while cold wallets remained secure.
User account balances remained accurate, and deposits and trading operations continued as usual. Withdrawals are temporarily halted while the exchange conducts a security review. Law enforcement and onchain security firms have been notified, and addresses linked to the transfers have been flagged. The full $351.6 million amount is covered by Bitget's User Protection Fund, which holds over $464 million.
Bitget will issue hourly updates and release a comprehensive incident report, including a root-cause analysis and corrective actions, within 24 hours. The specifics of the wallet compromise remain undisclosed, as the company refrains from speculating on the attack vector until the investigation concludes.
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