A large-scale outflow of funds occurred from some wallets of global cryptocurrency exchange Bitget, but the exchange plans to fully reimburse users by deploying its own protection fund.
Bitget has officially confirmed that an outflow totaling $351.6 million occurred from some of its wallets. The exchange said it temporarily suspended withdrawals and began emergency response measures immediately after detecting unusual activity.
The damage from the outflow is understood to have been limited to some hot wallets and the warm-wallet layer that remain connected to the internet. Assets held in cold wallets, which are stored separately from the online network, and most platform assets remain secure, the exchange said. User account balances have also been preserved normally. Deposits and regular trading services are currently operating without disruption, but withdrawals have been temporarily suspended until the security review is fully completed.
The exchange said it plans to fully compensate the entire amount of the losses through its $464 million user protection fund. It intends to immediately deploy the fund’s assets, which were set aside to prevent losses to user assets and maintain the platform’s stability.
Bitget is also pursuing tracking and freezing measures for wallet addresses linked to the incident to prevent further transfers of funds. It is working closely with law enforcement authorities and major on-chain security firms to investigate the intrusion route and cause in detail, and plans to release an official final report covering the cause of the incident and follow-up measures within 24 hours.