Bitget Suspends Withdrawals Amidst Estimated $35.16 Million Loss

Bitget, a cryptocurrency exchange, announced on September 25 that it had temporarily suspended withdrawals due to an estimated $35.16 million loss from unauthorized transactions.

The security breach occurred at around 3:31 Japanese time on the same day and affected parts of the exchange's hot wallet and warm wallet, but its cold wallet was not impacted.

According to Gracy Chen, CEO of Bitget, the user protection fund, which holds over $46.4 million, will cover the entire loss, ensuring that users' account balances are maintained accurately.