Overview
- Bitget detected unauthorized transfers from a subset of its hot and warm wallets and activated emergency response protocols after the movements were flagged on-chain.
- The company confirmed roughly $351.6 million moved out of those wallets and has paused withdrawals while keeping deposits and trading operational.
- Bitget said its cold wallets and most customer assets were not affected and that the User Protection Fund, reported at more than $464 million, covers the amount involved.
- The exchange has identified and flagged recipient addresses, notified law enforcement and engaged blockchain tracing firms to determine whether the transfers were authorized.
- Investigations will focus on whether the destination addresses are controlled by Bitget, how the transfers were signed, and whether users will face any direct losses as the company issues hourly updates and a full report.