Bitget Reports $351.6 Million Wallet Incident, Suspends Withdrawals

Crypto exchange Bitget has reported an incident involving unauthorized transfers affecting approximately $351.6 million in its hot- and warm-wallet infrastructure on September 24.

The company suspended withdrawals, but deposits and trading remained available, according to reports citing the exchange.

Bitget's CEO, Gracy Chen, stated that private keys for the exchange's cold, warm, and hot wallets were not leaked and attributed the compromise to a core backend wallet service, with some observed patterns resembling previous North Korean operations.

The company claimed its User Protection Fund exceeds $464 million, potentially covering the estimated exposure, but the actual financial impact remains unclear due to the ongoing investigation.