Bitget has confirmed that unauthorized transfers affected approximately $351.6 million in cryptocurrency after a security breach involving part of its hot and warm wallet infrastructure. The exchange detected the activity at 18:31 UTC on September 24 and immediately activated its emergency response procedures.
Bitget said its cold wallets remain secure and that customer account balances remain accurate. Deposits and trading also continue to operate, while withdrawals remain temporarily suspended as the exchange completes a security review.
Breach Triggers Emergency Response
The incident initially drew attention after unusual on-chain movements were detected from wallets associated with Bitget. Early estimates placed the suspicious transfers below the final figure disclosed by the exchange.
Bitget has since identified and flagged addresses linked to the unauthorized transfers. It has also notified law enforcement agencies and on-chain security firms.
The exchange has not disclosed how the attackers gained access. Bitget said it will avoid speculating about the attack vector while its investigation continues.
Protection Fund Pledged Against Losses
Bitget said its User Protection Fund currently holds more than $464 million. The exchange says the fund provides sufficient coverage for the approximately $351.6 million affected in the incident.
Bitget previously said the protection fund was created to safeguard user assets and maintained a minimum target of $300 million. Its latest reported figure therefore exceeds the amount involved in the breach.
The exchange has promised hourly updates and said it plans to publish a full incident report covering the root cause and corrective actions within 24 hours. Until that review is complete, withdrawals remain paused as Bitget works to secure its wallet infrastructure and assess the affected assets.
