Bitget confirms $351.6 million security breach, suspends withdrawals

Crypto exchange Bitget confirmed unauthorized transfers of about $351.6 million from a limited number of hot and warm wallets detected at 18:31 UTC on Thursday, and temporarily suspended withdrawals pending a security review. CEO Gracy Chen said cold wallets remained secure, user balances are accurate, and trading and deposits continue normally. The exchange flagged associated addresses, contacted law enforcement and onchain security firms, and said the loss is fully covered by its User Protection Fund, which holds over $464 million. A full incident report is due within 24 hours; the attack vector is still unknown.