Bitget confirms $351M security breach, suspends withdrawals
Bitget confirmed unauthorized transfers totaling about $351.6 million from a limited number of hot wallets and temporarily suspended withdrawals while investigating. The exchange said its security systems detected the activity at 18:31 UTC on Thursday and triggered emergency response procedures. CEO Gracy Chen said the incident affected only part of the exchange’s hot and warm wallet layer; cold wallets were not impacted. User balances remain accurate, and deposits and trading are still operating normally. Bitget has flagged the linked addresses, contacted law enforcement and onchain security firms, and said the loss is covered by its User Protection Fund, which holds more than $464 million. The company plans hourly updates and a full incident report with root-cause analysis and corrective actions within 24 hours. It has not said how the breach occurred.
