Bitget Reports $351.6 Million Loss From Unauthorized Transfers
The exchange suspended withdrawals during a security review but kept deposits and trading operational, saying its User Protection Fund covered the estimated loss.
Bitget said unauthorized transfers affected approximately $351.6 million in assets Thursday, while asserting that customer funds remained safe and that its protection fund covered the loss.
The exchange detected the activity at 2:31 p.m. ET (6:31 p.m. UTC), CEO Gracy Chen said. Bitget temporarily suspended withdrawals for a security review but kept deposits and trading operational.
Chen said the affected activity involved part of Bitget’s hot- and warm-wallet infrastructure. She said the exchange’s User Protection Fund held more than $464 million, exceeding the estimated loss, and stated: “User funds are safe.”
Early blockchain activity identified roughly $183 million moving from wallets labeled as belonging to Bitget to a newly created address across multiple networks. The assets included Ether (ETH), USDT0, USD Coin (USDC), Avalanche (AVAX) and BNB. One address used $19.67 million in USDT0 to buy 7,111 ETH on Arbitrum within six minutes.
The initial on-chain amount was below Bitget’s broader $351.6 million estimate. Bitget said it would publish a full incident report within 24 hours.
