Bitget Exchanges Confirms $351.6M Security Breach and Freezes Withdrawals

Bitget Exchange Confirms $351.6M Security Breach and Pauses Withdrawals

The cryptocurrency exchange Bitget has confirmed a security breach resulting in an estimated loss of $351.6 million. The incident occurred on September 24, when the exchange's security systems detected unauthorized transfers from some of its hot wallets at 18:31 UTC.

Bitget CEO Gracy Chen stated that the company would refrain from speculating on how the breach occurred until the investigation is complete. The exchange has identified and flagged abnormal transfer addresses and notified relevant parties, including law enforcement agencies and on-chain security firms.

The User Protection Fund, which currently holds more than $464 million, covers the reported loss of $351.6 million. Bitget stated that its cold wallets are secure, and customer account balances and assets remain protected.