Bitget Halts Withdrawals After $351.6 Million Hot‑Wallet Breach

Crypto exchange Bitget disclosed that a breach of its hot‑wallet infrastructure led to unauthorized transfers estimated at roughly $351.6 million, prompting the platform to suspend all user withdrawals while a security audit is conducted.

The incident, first reported by GBHackers, involved a portion of Bitget's hot‑wallet—a set of online accounts used to facilitate rapid transaction processing. Hackers were able to move funds out of these wallets before the breach was detected, resulting in a substantial financial loss for the exchange.

Bitget assured customers that deposits and trading activities remain operational, but the withdrawal freeze will stay in place until the company completes a thorough review of its security protocols. The exchange emphasized that the affected wallets were isolated from its cold‑storage reserves, which are kept offline for added protection, and that user balances are being reconciled against the loss.

Hot‑wallet attacks have become a recurring threat in the cryptocurrency sector, where the need for speed often conflicts with security safeguards. Industry analysts note that the magnitude of Bitget's loss underscores the ongoing challenge of balancing liquidity with robust defenses, especially as cyber‑criminals grow more sophisticated in targeting exchange infrastructure.

Regulators and industry watchdogs are likely to scrutinize Bitget's response, and the incident may accelerate calls for stricter security standards across digital asset platforms. The exchange has pledged to keep users updated as the investigation progresses and to implement any recommended enhancements to prevent future compromises.