Bitget Confirms $351.6M Hot Wallet Breach And Pauses Withdrawals
Bitget says unauthorized transfers affected approximately $351.6 million held across parts of its hot and warm wallet infrastructure. The exchange says its cold wallets were not affected and its $464 million-plus User Protection Fund covers the loss. Withdrawals have been temporarily suspended while Bitget investigates the breach with law enforcement and security firms. **ID:** N25-10 **Site:** NewsBTC **Status:** READY **Author:** NewsBTC Editorial Team **Focus Keyword:** Bitget **Image Keyword:** Security **Category:** Technology **Tags:** Bitget, Security, Hack, Exchange, Wallets **Primary Source:** https://www.bitget.com/support/articles/ Bitget Says Cold Wallets And Customer Balances Remain Secure According to Bitget’s security notice, the incident was contained to part of its hot and warm wallet layers. Cold wallets were not compromised. The exchange says customer balances remain accurate and that the entire estimated loss falls within its User Protection Fund, which currently holds more than $464 million. Withdrawals have been temporarily suspended while the security review continues. Deposits and trading remain available. Bitget says it has identified and flagged abnormal transfer addresses and has contacted law enforcement and onchain security firms. The company has promised a full incident report, including root-cause analysis, within 24 hours. Until that report arrives, Bitget is deliberately not speculating publicly about how the attackers gained access. The Size Of The Protection Fund Is About To Be Tested Exchange protection funds sound reassuring when markets are calm. A major exploit is when they become meaningful. Bitget’s stated $464 million-plus fund is larger than the current $351.6 million estimate, which means the company says it can absorb the incident without passing losses to customers. That does not remove the operational problem. Withdrawals being paused means users temporarily cannot move assets off the platform, and the final loss figure or attack scope could change as the investigation develops.
Key Takeaways
- Bitget says unauthorized transfers affected approximately $351.6 million held across parts of its hot and warm wallet infrastructure.
- The exchange says its cold wallets were not affected and its $464 million-plus User Protection Fund covers the loss.
- Withdrawals have been temporarily suspended while Bitget investigates the breach with law enforcement and security firms.
Summary generated by IndiCrypto from NewsBTC. IndiCrypto is a news aggregator and does not provide investment advice. Read the original article for full context.
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