Bitget Reports $351.6 Million Wallet Incident, Suspends Withdrawals

Cryptocurrency exchange Bitget has reported an incident where unauthorized transfers affected around $351.6 million in its hot- and warm-wallet infrastructure on September 24. The company suspended withdrawals as a precautionary measure, but deposits and trading remained available.

Bitget's chief executive Gracy Chen stated that private keys for the exchange's cold, warm, and hot wallets were not leaked. An initial investigation pointed to a compromise involving a core backend wallet service, where false transfer data could have reached the approval-and-signature process.

The company has claimed that its User Protection Fund exceeds $464 million, which is roughly 32% more than the estimated exposure of $351.6 million. However, it remains unclear whether the fund is liquid and available for this incident.