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Bitget Confirms $351.6M Hot Wallet Security Incident, Withdrawals Paused

Photorealistic header: secure digital vault, glowing lock, binary code, and a paused withdrawals banner for Bitget.

Bitget said unauthorized transfers affected a limited number of its hot wallets on Sept. 24 at 18:31 UTC, and placed the total at $351.6 million. In a statement posted by the exchange, Bitget said cold wallets were not impacted, customer balances remain accurate and withdrawals have been temporarily paused while the company reviews the incident.

The exchange said deposits and trading are still operating normally. It also said the event falls within its User Protection Fund, which it said holds more than $464 million, and added that law enforcement and security firms have been engaged.

Bitget says the affected wallets were limited

Bitget described the incident as involving a limited number of hot wallets rather than the wider platform. That distinction matters because hot wallets are typically used for faster transaction processing, while cold wallets are kept offline and are generally used to hold a larger share of assets.

The company did not provide a public breakdown of the affected assets in the statement cited here, and it did not immediately say how the unauthorized transfers were carried out. It said further updates would follow as the review continues.

For users, the immediate change is straightforward: withdrawals are paused, but deposits and trading remain available. Bitget said customer balances are intact, suggesting the exchange is treating the incident as a wallet-security event rather than a broad account-balance issue.

The exchange’s response now centers on two questions that remain open: how the unauthorized transfers were initiated, and how quickly withdrawal functionality can be restored. Bitget said it is working with outside security teams and authorities as it investigates.