Bitget Faces $351M Breach, Withdrawals on Hold
- Bitget confirmed an unauthorized transfer affecting approximately $351.6 million from its wallet infrastructure.
- The exchange’s $464 million User Protection Fund covers the full loss, ensuring user balances remain accurate.
- Withdrawals are paused while a security review is conducted, but deposits and trading continue.
- Security firms Hacken and PeckShield flagged suspicious movements before Bitget’s official confirmation.
- A complete incident report detailing the root cause and corrective measures is expected within a day.
Bitget has activated emergency protocols following a significant breach involving hot wallet transfers estimated at $351.6 million. The exchange assures that customer assets are protected by its substantial protection fund, which exceeds the loss amount.
With withdrawals currently on hold, Bitget is committed to transparency as it investigates one of the largest confirmed crypto exchange security incidents of recent times.( Source)
