Bitget said a security incident detected early on Sept. 25 involved abnormal transfers from some of its hot wallets, with an initial estimated impact of about $351.6 million. In a statement attributed to Xie Jiayin, head of Bitget’s Chinese-language division, the exchange said its security system flagged the transfers at 2:31 a.m. and its team activated an emergency response immediately.
According to the announcement, cold wallets and the vast majority of platform assets remain intact and unaffected. Bitget also said user funds are safe and that the losses fall fully within the coverage of its user protection fund, which it said currently exceeds $464 million.
The exchange said it formed an emergency response group within minutes of the incident, marked and reported the abnormal transfer addresses, and notified law enforcement agencies as well as on-chain security firms to join the investigation. Withdrawals have been temporarily suspended while security checks are completed, though deposits and trading remain available. Bitget said it plans to release a full incident report within 24 hours, including a root-cause analysis and corrective measures.
Bitget said it detected abnormal transfers from some hot wallets at 2:31 a.m. on Sept. 25 and activated its emergency response process immediately, according to an announcement from Xie Jiayin, head of the exchange’s Chinese-language division.
What Bitget said has been confirmed
The exchange put the preliminary amount involved at about $351.6 million. It said its cold wallets and the vast majority of platform assets remain intact and were not affected.
Bitget also said user funds are safe. The exchange stated that the loss is fully covered by its user protection fund, which it said currently stands at more than $464 million.
Measures taken after the incident
Bitget said it launched an emergency response team within minutes of the incident. The addresses tied to the abnormal transfers have been flagged and reported.
Withdrawals have been temporarily suspended for security reasons and will resume in an orderly manner after security checks are completed. Bitget added that it has notified law enforcement agencies and on-chain security organizations to take part in the investigation.
What it means for users
According to the announcement, account balances remain accurate and user assets are protected. Deposits and trading are operating normally, while withdrawals remain temporarily unavailable until the review is finished.
Bitget said it will publish a full incident report within 24 hours, including a root-cause analysis and remediation measures.
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