Crypto
Home›Crypto›Market Structure›Bitget halts withdrawals after $351.6 million hack
Bitget halts withdrawals after $351.6 million hack
The exchange said most assets in cold wallets were unaffected and it plans hourly updates plus a full incident report within 24 hours.
Bitget suspended withdrawals after unauthorized transfers drained about $351.6 million from a limited number of its hot and warm wallets, the exchange said. CryptoSlate reported the transfers were detected at 18:31 UTC on Sept. 24 and Bitget activated emergency response procedures within minutes, according to CEO Gracy Chen.
Bitget said cold wallets and most assets held on the platform were unaffected, customer balances remain accurate, and the losses are covered by its User Protection Fund, which currently holds more than $464 million. The exchange added that deposits and trading continue normally while withdrawals stay paused pending a security review.
Bitget said it has identified and flagged addresses connected to the transfers and notified law enforcement agencies and on-chain security firms. The exchange has not disclosed how the wallets were compromised and said it would not speculate on the attack vector while its investigation is ongoing.
Bitget plans to provide hourly updates and publish a full incident report within 24 hours, including the root cause and corrective measures. The hack comes during Bitget’s eighth-anniversary campaign launched this month.