Bitget Confirms $351 Million Security Breach, Suspends Withdrawals
Bitget, a prominent cryptocurrency exchange, has confirmed that unauthorized transfers have affected approximately $351.6 million in assets, leading to a temporary suspension of withdrawals as the company investigates the security breach. The exchange reported that its security systems detected the unauthorized transfers involving a limited number of hot wallets at 18:31 UTC on Thursday, prompting an immediate activation of emergency response procedures.
CEO Gracy Chen assured users that the breach was contained to a portion of the exchange’s hot and warm wallet layers, emphasizing that cold wallets remained secure. Bitget stated that user account balances are accurate, and both deposits and trading operations continue to function normally despite the withdrawal suspension.
As part of its response, Bitget has flagged the addresses associated with the unauthorized transfers and has reached out to law enforcement agencies and on-chain security firms for assistance. Chen noted that the total amount affected falls within Bitget’s User Protection Fund, which currently holds over $464 million, providing a safety net for users.
Approved for Dissemination
The exchange has committed to providing hourly updates on the situation and plans to publish a comprehensive incident report within 24 hours. This report will include a root-cause analysis and outline corrective actions taken in response to the breach. However, Bitget has not disclosed specific details regarding how the wallets were compromised, stating that it will refrain from speculating on the attack vector while the investigation is ongoing.
The incident highlights ongoing security challenges within the cryptocurrency sector, as exchanges continue to face threats from unauthorized access and breaches. Bitget's proactive measures and commitment to transparency will be crucial in maintaining user trust as the situation develops.
