Bitget Reports $351.6M Unauthorized Wallet Transfers

Bitget has confirmed unauthorized transfers from several of its hot wallets after hundreds of millions of dollars in crypto were moved to a newly created blockchain address.

Onchain data showed assets linked to Bitget being transferred from multiple exchange-labeled hot and cold wallets to the same recipient address. The transactions involved ether, USDT, USDC, AVAX and BNB, with some of the assets subsequently being swapped onchain.

Bitget said its security systems detected unauthorized activity involving its hot wallets and estimated the total affected funds at approximately $351.6 million. The exchange said its cold wallets were not compromised.

The incident also led to reports of withdrawal issues among users. Bitget has temporarily halted withdrawals while it works to determine how the transfers occurred and assess the full impact.

The exchange said the affected funds are fully covered by its User Protection Fund, which holds more than $464 million. Bitget is also working with law enforcement agencies and blockchain security firms as part of its investigation.

The company said it plans to release a detailed report within 24 hours, providing more information about the transactions and the security incident.

Bitget CEO Chen said the exchange would account for the affected funds and decisions made during the investigation. The company also said further updates would be published through its official channels as more information becomes available.