Bitget, a prominent cryptocurrency exchange, has confirmed a significant security breach resulting in unauthorized transfers totaling approximately $351.6 million. In response, the exchange has temporarily suspended all withdrawals as it investigates the incident.
The breach was detected by Bitget's security systems on Thursday at 18:31 UTC, which led to the activation of emergency response protocols. The exchange clarified that the unauthorized transfers affected only a limited number of hot wallets, while cold wallets and the majority of platform assets remained secure.
CEO Gracy Chen reassured users that their account balances are accurate and that deposits and trading activities continue without interruption. However, withdrawals will remain suspended during the ongoing security review.
Bitget has flagged the addresses involved in the unauthorized transfers and is collaborating with law enforcement and on-chain security firms to address the situation. The exchange has also committed to providing hourly updates and will release a full incident report within 24 hours.
While the exact method of the breach has not been disclosed, Bitget has emphasized that it will not speculate on the attack vector until the investigation is complete. The total amount affected by the breach is covered by Bitget's User Protection Fund, which currently holds over $464 million.