Bitget Exchange Reports $352 Million Hot Wallet Hack, Pauses Withdrawals

Bitget hack — Crypto exchange Bitget has disclosed a security breach affecting $352 million from its hot wallets, prompting a temporary withdrawal pause while it conducts a review.

CEO Gracy Chen announced the incident on social media, stating that unauthorized transfers occurred from some of the platform’s hot and warm wallets. Chen emphasized that the exchange’s cold wallets and user funds remain secure, and that the breach was contained within a portion of the multi-layered wallet system. Deposits and trading functions continue to operate normally.

The exchange maintains a user protection fund valued at over $464 million, which Chen cited as a safeguard. The disclosure followed alerts from independent blockchain researchers who had flagged unusual on-chain wallet movements earlier in the day, with initial estimates suggesting around $183 million had been moved.

Bitget is a major centralized exchange, and the scale of the reported exposure places the incident among the larger exchange security events in recent years. The pause on withdrawals is described as temporary pending the completion of the security review.