Bitget Breach: Exchange Confirms $351M Loss and Suspends Withdrawals

Bitget, a major cryptocurrency exchange, has confirmed a significant breach of its hot wallets, resulting in an estimated loss of $351.6 million. This figure is roughly double what on-chain monitors had previously reported.

The unauthorized transfers were detected at 18:31 UTC on Thursday and emergency protocols were triggered within minutes. The exchange's cold wallets remain fully secure, according to Bitget.

Chief executive Gracy Chen stated that the loss falls within the exchange's User Protection Fund, which holds over $464 million. This means that customer assets are protected, and deposits and trading continue uninterrupted.