Bitget Confirms $351.6M Hot Wallet Breach And Pauses Withdrawals
Summary
Bitget says the security incident was limited to part of its hot and warm wallet infrastructure, while cold wallets stayed untouched. Customer balances remain accurate, and the exchange says the estimated loss fits within its User Protection Fund, which it says holds more than $464 million. Withdrawals have been paused during the review, but deposits and trading are still active. Bitget says it has identified suspicious transfer addresses, contacted law enforcement and onchain security firms, and will release a full root-cause report within 24 hours. The incident highlights the difference between exchange custody and self-custody, since assets in exchange wallets depend on the platform’s controls and security systems.
