Bitget Pauses Withdrawals After $351.6 Million Wallet Breach

Crypto exchange Bitget has been hit by a significant security breach, affecting around $351.6 million in assets stored in its hot wallets. The incident occurred on Thursday at 18:31 UTC, when Bitget's security systems detected unauthorized transfers.

The company quickly activated its emergency response procedures and identified abnormal transfer addresses, which it has flagged for further investigation. Notably, the exchange's cold wallets remain secure, and customer account balances are accurate.

Bitget CEO Gracy Chen stated that the affected amount is fully covered by the exchange's User Protection Fund, which holds more than $464 million. Withdrawals have been paused as a precautionary measure until the security review is complete.