Cryptocurrency exchange Bitget has suspended withdrawals after hackers stole roughly $350 million in digital assets from some of its wallets, prompting the company to launch an investigation and notify law enforcement agencies.
Bitget said its security systems detected unauthorized transfers involving parts of its hot and warm wallet infrastructure. The exchange said its cold wallets were not affected and that trading and other platform services continued to operate. Withdrawals were suspended as a precaution while the company conducts a security review.
Bitget CEO Gracy Chen said the stolen assets would be covered by the company’s User Protection Fund, which the exchange says contains more than $464 million. The company said customer account balances remain accurate and that it is working with blockchain-security firms and authorities to trace the stolen funds.
The exchange has not disclosed how the attackers gained access to the affected wallets. Bitget said it will publish a detailed incident report outlining the root cause and measures being taken to prevent a recurrence. Withdrawals will resume after the security assessment is completed and the company determines that the platform is safe to operate normally.
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