Bitget Confirms $351.6 Million Hot Wallet Breach and Halts Withdrawals

Bitget disclosed that attackers moved approximately $351.6 million from portions of its hot and warm wallet infrastructure. The exchange emphasized that its cold wallets were not compromised and that customer balances remain accurate.

Impact and Immediate Response

Withdrawals have been paused while Bitget works with law‑enforcement agencies and on‑chain security firms to investigate the breach. Deposits and trading functions continue to operate.

User Protection Fund

The loss falls within Bitget’s User Protection Fund, which holds more than $464 million, allowing the exchange to absorb the incident without passing costs to users.

Investigation and Next Steps

Bitget has flagged abnormal transfer addresses, contacted authorities, and engaged security specialists. A full incident report, including a root‑cause analysis, is promised within 24 hours. The exchange is refraining from speculation about how the attackers gained access until the report is completed.

Broader Implications

The event highlights the risks associated with exchange‑custodied assets and the importance of robust hot‑wallet security controls. Bitget’s separate self‑custodial wallet service was not involved.