Bitget Confirms $351 Million Security Breach, Suspends Withdrawals
nashnova research
Crypto exchange Bitget confirmed an unauthorized transfer of roughly $351.6 million and suspended withdrawals, with CEO Gracy Chen saying the exchange's $464 million protection fund covers the loss — though the attack vector and resumption timeline remain unknown.
What exactly happened?
Bitget's security system flagged abnormal transfers at 18:31 UTC Thursday and triggered an emergency response.
Only some hot and warm wallets were affected; cold wallets — offline storage not connected to the internet — were untouched.
Withdrawals are paused, but deposits and trading remain operational, and user account balances are intact.
How were the wallets breached?
Bitget has not disclosed the attack vector, saying it will not speculate while the investigation is ongoing.
This means → outsiders cannot yet tell whether the cause was a private-key leak, a smart-contract flaw, or an internal controls failure; investors must wait for the formal report.
The exchange has flagged the associated addresses and engaged law enforcement and on-chain security firms to trace fund flows.
Are user funds safe?
CEO Gracy Chen said the affected amount falls within the coverage of Bitget's user protection fund.
That fund currently stands at over $464 million, above the roughly $351.6 million transferred.
In plain terms = on paper, the fund is large enough to cover the loss. But the fund's actual liquidity and payout process have not been disclosed — having enough on the books and getting paid out are two different things.
What comes next?
Bitget has pledged hourly progress updates and a full incident report within 24 hours, including root-cause analysis and corrective measures.
When withdrawals resume depends on the security review; no firm timeline has been given.
This means → user funds are in a "visible but frozen" state for now, and the transparency of the forthcoming report will directly shape whether Bitget can rebuild market trust.
市场有风险，内容仅供研究参考，不构成投资建议。