Crypto exchange Bitget confirmed on Thursday that it suffered an unauthorized transfer of approximately $351.6 million in assets, prompting a temporary suspension of withdrawals while the breach is investigated.
Bitget said its security systems detected the transfers involving a limited number of hot wallets at 18:31 UTC. The exchange activated emergency response procedures shortly after.
CEO Gracy Chen said the breach was confined to part of Bitget's hot and warm wallet layers, adding that the company's cold wallets remained untouched. The exchange stated that user account balances were accurate and that deposits and trading operations continued normally.
Bitget has flagged addresses associated with the transfers and contacted law enforcement agencies and onchain security firms for assistance, according to the company.
Chen said the full amount affected is covered by Bitget's User Protection Fund, which currently holds more than $464 million. She committed to providing hourly updates and publishing a complete incident report — including a root-cause analysis and corrective actions — within 24 hours of the detection.
The exchange did not disclose how the wallets were compromised, saying it would not speculate on the attack vector while the investigation remains ongoing.
