Bitget CEO Gracy Chen confirmed a hot wallet hack that drained about $351.6 million from the exchange on September 24, after its security systems flagged unauthorized transfers at 18:31 UTC.
Bitget says the breach hit only part of the hot and warm layers of its three-tier wallet setup, while cold wallets remain fully secure. Withdrawals are temporarily suspended pending a security review, but deposits and trading keep running, and account balances are unaffected. The full loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464 million. The attacker addresses have been flagged and reported, and law enforcement and onchain security firms are engaged. Before the confirmation, onchain trackers had spotted more than $170 million leaving Bitget wallets to an unidentified address.
Bitget will post hourly updates and publish a full incident report with root cause analysis and fixes within 24 hours, and says it will not speculate on the attack vector until the investigation is complete.
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