Bitget Says Protection Fund Can Cover $351.6 Million Attack Losses
The exchange said user assets remain unaffected after abnormal transfers from some hot wallets, while withdrawals remain temporarily suspended.
Bitget said its protection fund can cover the preliminary $351.6 million loss estimate from an attack, while user assets remain unaffected.
The exchange’s protection fund currently exceeds $464 million, according to Bitget’s Greater China head, 谢家印. Bitget said abnormal transfers were detected from some hot wallets, while its cold wallets and most platform assets remained intact.
Bitget activated an emergency response team within minutes of the incident, flagged the addresses involved in the transfers and reported them for investigation. Withdrawals were temporarily suspended and will resume in an orderly manner after security checks are completed.
The exchange also notified law enforcement and on-chain security agencies. Bitget said it will provide hourly updates and publish a full incident report within 24 hours, including a root-cause analysis and corrective measures. It said it would not speculate about the attack method before the investigation is complete.
