Bitget founder Gracy Chen confirmed Thursday that the cryptocurrency exchange suffered a security breach involving unauthorized transfers from portions of its hot and warm wallet infrastructure, with estimated losses of approximately $351.6 million.
The breach was detected at 18:31 UTC on September 24. Blockchain security researchers had flagged suspicious multi-chain movements from Bitget-associated addresses earlier that day, with initial estimates ranging from $174 million to $183 million before the exchange disclosed the full scope of the incident.
Chen stated that Bitget's cold wallets remain secure and that the breach was contained to specific layers of the exchange's three-tier wallet architecture. The exchange has temporarily suspended withdrawals while conducting a security review. Deposits and trading remain operational.
The exchange's emergency response team was activated within minutes of detecting the transfers. Addresses associated with the suspicious movements have been identified, flagged, and reported to law enforcement and onchain security firms.
Protection Fund Covers Loss
Bitget's User Protection Fund currently holds more than $464 million, which the exchange said covers the entire estimated loss. Chen stressed that user account balances remain accurate and customer assets are protected.
The exchange said it would not speculate on the attack vector while its investigation continues. Chen promised hourly updates through official channels and committed to publishing a complete incident report, including root cause analysis and corrective measures, within 24 hours.
