Latest15m ago
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. The breach also reinforces the distinction between exchange custody and self-custody. Assets held in an exchange hot wallet depend on the exchange’s security systems, operational controls and balance sheet. Bitget says its separate self-custodial Bitget Wallet infrastructure was not involved. For now, the key questions are straightforward: how the attacker gained access, whether all affected wallets have been contained and when withdrawals can safely resume. A $351.6 million loss is large enough that the promised root-cause report will matter far beyond Bitget’s own users. *This article was written by the News Desk and edited by [Samuel Rae](https://www.newsbtc.com/author/rae-samuel/).*
NewsBTC•NewsBTC Editorial Team
