Bitget confirms $352M security breach, suspends withdrawals

Bitget confirmed a security incident that resulted in unauthorized transfers totaling roughly $351.6 million and has temporarily suspended withdrawals while it investigates. The exchange's security systems detected the transfers at 18:31 UTC on Thursday, which triggered emergency response procedures, Bitget said. CEO Gracy Chen stated the breach was limited to parts of the platform's hot and warm wallet infrastructure and that cold wallets were not impacted.

Chen told users in a live Q&A that the transferred assets included Ether (ETH), XRP, USDt (USDT), USDC, Avalanche (AVAX), BNB (BNB) and a USDT asset on Arbitrum described as USDT0. She identified Ethereum as the primary network where the observed stolen funds were concentrated and listed the XRP Ledger, Avalanche, BNB Smart Chain and Arbitrum among the affected networks. Early onchain analyses had captured a smaller figure, which Chen said reflected activity visible on Ethereum but not the full scope of the incident.

Bitget said deposits and trading services remain operational and that user account balances are accurate despite the transfers. The exchange has flagged addresses associated with the unauthorized movements and has reached out to law enforcement and onchain security firms to aid in the investigation. Withdrawals will remain suspended while a security review is conducted; Chen indicated she expected withdrawals to resume within hours or days.

To cover user losses, Bitget said its User Protection Fund holds more than $464 million and that the affected funds are fully covered by that reserve. The exchange pledged to post hourly updates and to publish a comprehensive incident report within 24 hours that will include a root-cause analysis and corrective measures.