Bitget Confirms $351.6M Hot-Wallet Breach and Suspends Withdrawals

Bitget said it detected unauthorized transfers from some of its hot wallets at 18:31 UTC on September 24 and temporarily suspended withdrawals.

The exchange later estimated that approximately $351.6 million in assets had been affected, above early on-chain estimates reported as the incident unfolded.

Bitget said deposits and trading remain operational. It said its cold wallets were secure and that the reported loss is covered by its User Protection Fund, which held more than $464 million.

Unauthorized transfers trigger withdrawal pause

After detecting unauthorized transfers, Bitget said it activated emergency-response procedures in a support update.

The exchange said it paused withdrawals while continuing to accept deposits and operate trading services, and that it had flagged abnormal addresses associated with the transfers.

Bitget said it notified law-enforcement agencies and on-chain security firms. The information provided did not specify when withdrawals would resume.

Affected assets estimated at $351.6 million

Bitget's estimate puts the affected assets at roughly $351.6 million. The total is larger than initial blockchain-based assessments, which had captured a lower amount before additional transfers were identified, according to CoinDesk reporting.

The difference reflects a recurring constraint in the first hours of a wallet-security incident: public transaction data can identify visible movements, while an exchange’s eventual estimate may include further transfers found during its internal review. Bitget has described the $351.6 million figure as an estimate.

Protection Fund cited as coverage

Bitget said the loss was fully covered by its User Protection Fund, whose holdings exceeded $464 million, and maintained that its cold-wallet infrastructure was not affected.

Trading and deposits remained available, while withdrawals were temporarily unavailable. Bitget said its investigation and coordination with law-enforcement agencies and on-chain security firms were under way.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.