$351M Hot Wallet Breach Hits Bitget Amid Ongoing Security Review

Bitget, a cryptocurrency exchange, has confirmed that it was breached and approximately $351.6 million was transferred out of its hot and warm wallet infrastructure. The exchange assures customers that its cold wallets were not affected by the breach.

The company's User Protection Fund, which currently holds over $464 million, is expected to cover the entire loss. Withdrawals have been temporarily suspended while Bitget investigates the breach with law enforcement and security firms.

Bitget has stated that it will provide a full incident report, including a root-cause analysis, within 24 hours. The exchange has not speculated about how the attackers gained access to its systems.