WatcherGuru
$351.6 million was drained from some of Bitget's hot wallets, the exchange said, while its cold wallets remain secure. Bitget said user funds are safe and the full loss is covered by its User Protection Fund, which holds about $464 million.
Why it matters
The incident puts a major exchange's hot-wallet controls and reserve-backed user protection under scrutiny. Bitget has paused withdrawals while it completes a security review, but deposits and trading continue.
Market impact
The exchange said law enforcement and on-chain security firms have been notified. Bitget plans to release a full incident report within 24 hours, which should clarify the attack's scope and the wallets involved.
Frequently asked questions
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How much did Bitget say was drained in the hack?
Bitget said approximately $351.6 million was drained from some of its hot wallets.
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Are Bitget's cold wallets affected?
Bitget said its cold wallets remain secure.
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Will Bitget users absorb the reported loss?
Bitget said user funds are safe and that its User Protection Fund will cover the full loss.
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What is Bitget doing with withdrawals after the incident?
Withdrawals are temporarily paused while Bitget completes a security review. Deposits and trading continue.
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When will Bitget release more details about the hack?
Bitget said it will issue a full incident report within 24 hours. Law enforcement and on-chain security firms have been notified.
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