Bitget Confirms $351.6M Hot Wallet Breach Amidst Security Review

Bitget, a cryptocurrency exchange, has confirmed a breach of its hot wallet infrastructure, resulting in an estimated loss of $351.6 million. The incident is believed to have occurred across parts of Bitget's hot and warm wallet layers, but the cold wallets were not compromised.

The exchange has assured users that customer balances remain accurate, and the entire estimated loss falls within its User Protection Fund, which currently holds over $464 million. As a result, withdrawals have been temporarily suspended while the security review continues.

Bitget has identified and flagged abnormal transfer addresses and has contacted law enforcement and onchain security firms to investigate the breach. The company has promised a full incident report, including root-cause analysis, within 24 hours.