CoinDesk
Bitget lost $351.6 million after attackers compromised a backend system in its wallet infrastructure and spoofed transaction data to trigger the exchange’s authorization process, CEO Gracy Chen said. The exchange said private keys were not compromised and that it stopped further unauthorized transfers.
Why it matters
The breach affected Bitget’s hot and warm wallets, while its offline cold wallets remained secure, according to the company. Chen’s description points to a compromised system for preparing and approving transfers rather than stolen private keys, which can allow an attacker to authorize additional transactions.
Bitget said its User Protection Fund holds more than $464 million and covers the full loss. The company also said account balances remain accurate and user assets are protected.
Market impact
Deposits and trading remain open, but Bitget has suspended withdrawals pending a security review. The exchange has not given a restart timeline, saying it will announce one once confirmed.
The immediate test is whether Bitget can complete remediation and restore withdrawals without further unauthorized transfers. The company said multiple technical teams are working on system fixes and security hardening, with a full technical report to follow once the intrusion method is confirmed.
Frequently asked questions
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How did attackers drain funds from Bitget?
Bitget CEO Gracy Chen said attackers compromised a wallet backend, spoofed transaction data and triggered the exchange’s authorization process.
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Were Bitget’s private keys compromised?
Bitget said private keys were not compromised. The company described the breach as an attack on a backend system in its wallet infrastructure.
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Which Bitget wallets were affected?
Bitget said the breach affected hot and warm wallets. Its offline cold wallets remained secure.
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How does Bitget plan to cover the $351.6 million loss?
Bitget said its User Protection Fund, which holds more than $464 million, covers the full loss.
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When will Bitget resume withdrawals?
Bitget has not provided a restart timeline. Withdrawals remain suspended pending a security review, and the exchange said it will announce a timeline once confirmed.
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