Bitget confirms $351.6 million breach, halts withdrawals during security review
Bitget is investigating a security incident after unauthorized transfers affected about $351.6 million in assets from a limited number of wallets. The exchange says trading and deposits continue to operate normally, while withdrawals are temporarily suspended and user balances remain accurate.
Highlights
- Bitget detected unauthorized transfers totaling $351.6 million on June 27, affecting specific hot and warm wallets while cold wallets remain secure.
- Withdrawals are suspended during the security review, with Bitget flagging compromised addresses and notifying law enforcement and onchain security firms.
- Bitget's User Protection Fund covers the full affected amount with $464 million, and the company promises a full incident report and corrective action plan within 24 hours.
Incident scope and response timeline
As reported by Cointelegraph, citing Bitget, the exchange detected the unauthorized transfers at 18:31 UTC on Thursday through its security systems, which identified activity involving a limited number of hot wallets. Emergency response procedures were then activated as the company began reviewing the breach.Chief executive Gracy Chen said the incident was contained to part of Bitget's hot and warm wallet layers, while cold wallets remained secure. Bitget has not disclosed how the wallets were compromised, saying it would not speculate on the attack vector while the investigation remains ongoing.
Withdrawals are temporarily suspended during the security review. The company says it has flagged addresses linked to the transfers and contacted law enforcement as well as onchain security firms.
Customer protection fund and sector implications
Chen said the full amount affected falls within Bitget's User Protection Fund, which currently holds more than $464 million. She also said the exchange plans to provide hourly updates and publish a full incident report, including a root-cause analysis and corrective actions, within 24 hours.The breach adds to operational and trust risks facing crypto exchanges that rely on hot wallets for day-to-day activity. For the sector, the episode underscores continued pressure on trading platforms to strengthen wallet segregation, incident response and customer assurance measures while keeping core services online.
In our earlier coverage of the Federal Reserve’s proposed stablecoin oversight rules under the GENIUS Act, we explained how the framework would require fully backed reserves, capital buffers, and tighter custody standards for supervised issuers and banks. We also noted that the plan opens a 60-day public comment window, aiming to reduce operational and credit risks tied to dollar-backed tokens through clearer guardrails for market participants.
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