Bitget Reports $351 Million Unauthorized Transfer, Pauses Withdrawals
The exchange says its protection fund exceeds the loss, while Bitget Wallet remains unaffected and Bybit offers assistance tracking the funds.
Bitget identified about 19 unauthorized transactions totaling roughly $351 million and paused withdrawals after an attacker exploited a backend authorization system, the exchange said.
Bitget CEO Gracy Chen said the incident did not involve leaked private keys. The attack affected hot wallets across multiple networks, including Ethereum, XRP, Arbitrum, Optimism, Base, BNB Smart Chain and Avalanche.
The exchange said about 52 significant transfers were observed after the incident, but that figure included internal security transfers and normal customer withdrawals. Bitget continues to allow deposits and trading while withdrawals remain suspended until repairs and security checks are complete.
Chen said Bitget’s protection fund of about $464 million exceeds the reported loss. She also said the exchange holds more than $1 billion in platform assets and maintains customer assets on a 1:1 basis.
Bitget Wallet said its self-custody wallet system is separate from the exchange’s custodial infrastructure and was not affected. Bybit CEO Ben Zhou offered assistance and said the company would use LazarusBounty.com to help track the stolen funds.
Bitget expects withdrawals to resume within hours to days, but did not provide a specific restoration time.
