Bitget Pauses Withdrawals After $351.6 Million Transfers

Bitget said unauthorized transfers affected about $351.6 million in assets and that it had paused customer withdrawals while conducting a security review. The exchange said its systems detected the transfers at 18:31 UTC on September 24 and that it activated emergency response procedures. Chief Executive Gracy Chen said the activity involved parts of Bitget’s hot and warm wallet infrastructure. The exchange said its cold wallets and most platform assets were unaffected, customer account balances remained accurate, and deposits and trading continued to operate. Bitget has not disclosed how the wallets were compromised and said it would not speculate while its investigation is underway. Bitget said the affected amount falls within its User Protection Fund, which it reported holds more than $464 million. That coverage statement is the exchange’s assurance; the final amount of unrecovered assets and whether the fund will make any payments have not been established in the available details. The exchange said it had identified and flagged addresses associated with the transfers and notified law enforcement and onchain security firms.