Bitget Hit with Massive $351.6 Million Outflow Amid Security Incident

Bitget, a global cryptocurrency exchange, has acknowledged a significant security incident that led to an outflow of $351.6 million in assets from its hot wallets and warm wallets.

The breach occurred on September 24 at 6:31 p.m. UTC when the exchange's security system detected unauthorized fund movements.

Bitget's CEO, Gracy Chen, assured users that their funds are safe and the full loss is covered by the exchange's $464 million user protection fund.

The affected wallets were in the hot wallet and warm wallet layers, but cold wallets and most assets held on the platform remain secure.

Withdrawals have been temporarily suspended for additional security checks, while deposits and trading continue to operate normally.