Bitget Halts Withdrawals After $352M Hack

Crypto exchange Bitget has temporarily suspended withdrawals after an estimated US$351.6 million in unauthorized transfers from some of its wallets.

Chief executive Gracy Chen confirmed that user funds are safe, and the full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over US$464 million.

The hack comes after a spate of recent attacks on crypto cybersecurity, including the draining of US$320 million worth of Bitcoin from a Liquid Network wallet earlier in September and the hacking of the offline Bitcoin wallet Coldcard in August.

Bitget operates a three-tier wallet architecture, with cold wallets remaining secure while hot-wallet and warm-wallet layers were breached. Deposits and trading remain fully operational, but withdrawals are paused until the security review is complete.