Bitget Confirms $352M Security Breach, Suspends Withdrawals
Cryptocurrency exchange Bitget has officially confirmed unauthorized asset transfers amounting to approximately $351.6 million and has temporarily suspended withdrawals amid an ongoing security breach investigation. Bitget CEO Gracy Chen stated that the breach affected certain segments of the exchange’s hot and warm wallets, while cold wallets remained secure.
Detection and Immediate Response
At 18:31 UTC on Thursday, Bitget's security systems detected unauthorized transfers involving a limited number of hot wallets, prompting the exchange to activate emergency response protocols to mitigate damage.
At the time of confirmation, the stolen assets totaled approximately $351.6 million.
Details on Affected Assets and Networks
During a live Q&A, CEO Gracy Chen stated the affected assets included Ether (ETH), XRP, USDt (USDT), USDC, Avalanche (AVAX), BNB, and USDT0 on Arbitrum.
She identified Ethereum, the XRP Ledger, Avalanche, BNB Smart Chain, and Arbitrum as the impacted blockchains, with Ethereum accounting for the majority of the stolen funds.
Reasons Behind Discrepant Initial Reports
Initial onchain reports captured smaller amounts than those later disclosed by Bitget.
Chen explained that early analyses focused mainly on Ethereum blockchain activity, while the incident extended across multiple networks.
Withdrawal Suspension and Ongoing Measures
Withdrawals have been temporarily suspended while Bitget performs a comprehensive security review. Chen anticipates the resumption of withdrawals within hours or days.
The exchange confirmed that user account balances remain accurate and that deposits and trading functions continue without interruption.
Bitget has flagged addresses tied to the unauthorized transfers and reached out to law enforcement agencies along with blockchain security firms.
User Protection Fund and Future Reporting
Chen assured that the User Protection Fund, holding over $464 million, fully covers the lost assets.
The exchange committed to providing hourly updates and publishing a thorough incident report, including root cause analysis and corrective action plans, within 24 hours.
Why it matters
The Bitget breach represents one of the largest recent exchange hacks with an operator that is responding swiftly and covering losses through a substantial user protection fund. This highlights ongoing cybersecurity challenges in the crypto sector, especially concerning hot wallets, and showcases standards of transparency and community engagement that are crucial for maintaining user and regulator trust.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
Open original source ↗