Bitget Loses $351M in Hot Wallet Breach
Crypto exchange Bitget reported unauthorized transfers involving approximately $351.6 million from part of its hot and warm wallet infrastructure. The incident was detected on September 24 at 18:31 UTC. Bitget said its cold wallets were unaffected and that the loss is covered by its User Protection Fund, which holds more than $464 million. Withdrawals were temporarily suspended while the security review continues, while deposits and trading remain operational. The exchange later said a private-key compromise had been ruled out at this stage, pointing instead to a breach of a critical backend wallet system that allowed forged transfer data to reach the authorization process. For exchange users, the incident highlights the importance of checking platform status and transaction conditions before moving funds. Track rates and exchange crypto on xbit.money.