Bitget Suffers $352M Security Breach, Halts Withdrawals Amid Ongoing Investigation

Crypto exchange Bitget has reported a significant security breach that resulted in an unauthorized transfer of approximately $351.6 million worth of assets. The incident occurred on Thursday at 18:31 UTC, when Bitget's security systems flagged suspicious activity involving a limited set of hot wallets.

According to Gracy Chen, CEO of Bitget, the breach was contained to certain hot and warm wallet layers, while the cold wallet setup remained secure. This suggests that the attack vector likely targeted operational wallet components rather than Bitget's offline reserves.

The affected assets included Ether (ETH), XRP, USDt, USDC, Avalanche (AVAX), BNB, and USDT0 on Arbitrum, with Ethereum accounting for the main concentration of the observed stolen funds. Chen stated that customer balances remain accurate, and deposits and trading continue normally, but withdrawals have been temporarily suspended.

Bitget claims that the losses are more than covered by its User Protection Fund, which currently holds over $464 million. The exchange is working with law enforcement and onchain security firms to support forensic tracing and reduce the likelihood of further movement through blacklisted or monitored pathways.