Bitget confirms hot wallet incident; about $351.6 million involved and covered by user protection fund
AI Market Summary
Bitget confirmed abnormal hot-wallet transfers totaling about $351.6m and temporarily suspended withdrawals pending a security review. While the exchange says user funds are safe and losses are covered by its $464m User Protection Fund, the incident elevates counterparty and operational risk perceptions across centralized exchanges. Near-term impact is likely increased risk aversion and heightened scrutiny of exchange liquidity and custody practices.
Impact level
● High
Affected assets
BTC/USDT-0.45%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Bitget said its security systems detected abnormal transfers from certain hot wallets at 2:31 a.m. today, prompting the security team to trigger an emergency response.
According to Xie Jiayin, head of Bitget's Chinese-speaking region, a preliminary assessment puts the amount involved at about $351.6 million. The exchange said its cold wallets and the vast majority of platform assets were not affected, and that user funds remain safe. Bitget added that the loss is fully covered by its User Protection Fund, which it said currently exceeds $464 million.
Bitget said it activated an emergency response team within minutes, flagged and reported the suspicious receiving addresses, and notified law enforcement and on-chain security firms to assist with the investigation.
Withdrawals have been temporarily suspended as a precaution and will be restored in an orderly manner after the security review is completed. The exchange said deposits and trading are operating normally and account balances remain accurate.
Bitget said it will publish a full incident report within 24 hours, including a root-cause analysis and remediation measures.
