Bitget Reports $351.6M Breach in Hot Wallets, Suspends Withdrawals
- Unauthorized transfers impacted approximately $351.6 million held in Bitget’s hot and warm wallets.
- The exchange’s cold wallets and customer balances remain unaffected.
- Bitget’s User Protection Fund, holding over $464 million, covers the estimated loss.
- Withdrawals have been paused while Bitget collaborates with law enforcement and security firms to investigate.
- The company has flagged abnormal transfer addresses and committed to a detailed incident report within a day.
Bitget has confirmed that its cold wallets were not compromised during the breach affecting its hot wallet infrastructure, ensuring customer balances are secure. The exchange’s substantial User Protection Fund is expected to cover the losses without impacting users directly.
The breach underscores the importance of exchange security systems, as Bitget works to resolve the issue while maintaining trading operations active for users on its platform. (Source)
