Bitget Suspends Withdrawals After $351.6 Million Security Breach

Crypto exchange Bitget has suspended withdrawals after unauthorized transfers affected about $351.6 million from parts of its hot and warm wallets. The exchange says its protection fund can cover the reported loss.

Crypto exchange Bitget has temporarily suspended withdrawals after unauthorized transfers affected about $351.6 million in assets.

Bitget said its security systems detected the transfers at 6:31 PM UTC (11:31 PM PKT) on September 24. The exchange said its emergency response team acted within minutes.

The breach affected part of Bitget’s hot and warm wallet infrastructure. The exchange said its cold wallets remained secure. It also said customer account balances remain accurate. Deposits and trading continue to operate.

Bitget CEO Gracy Chen said the reported loss falls within the exchange’s User Protection Fund, which holds more than $464 million. Bitget said it has flagged addresses linked to the transfers. It has also contacted law enforcement agencies and blockchain security firms.

Blockchain Data Shows Large Outflows

Blockchain security firms detected unusual activity around the same time.

Bubblemaps initially tracked about $180 million moving across several networks. Later on-chain tracking put the visible transfers at about $190 million to $192 million across multiple assets. Ethereum accounted for a large portion of the tracked transfers.

The difference between the on-chain figures and Bitget’s $351.6 million estimate has not been fully explained in the exchange’s initial security notice. Bitget said it would publish a full incident report with the root cause and corrective measures.

Bitget has not initially disclosed how the wallets were compromised. The exchange said it would not speculate on the attack method while its investigation continues.

Withdrawals will remain suspended until the security review is complete. Bitget said it plans to provide hourly updates.