Overview
- Bitget detected unauthorized transfers at 18:31 UTC on Thursday after on‑chain researchers first flagged unusual outflows from wallets labeled as the exchange.
- CEO Gracy Chen says attackers breached a backend wallet system to fake transaction data and trigger legitimate signing processes while cold wallets and private keys remained secure.
- About $351.6 million moved across multiple chains and tokens, with large amounts of XRP and ETH among the assets tracked on public ledgers.
- Withdrawals are paused during a comprehensive security review even as deposits and trading remain open, and Bitget has engaged Mandiant, SlowMist and law enforcement to trace and recover funds.
- Bitget says its User Protection Fund, which it values above $464 million, plus additional capital will cover customer balances, a move that could substantially draw down reserves and test user confidence when withdrawals resume.