Crypto exchange Bitget had $351.6 million dollars exposed to a system breach on Thursday, CEO Gracy Chen announced in a social media post.
In a post on X, Chen said that Bitget’s cold wallets and user funds were safe, and that there were “unauthorized transfers from some of our hot wallets.” The exchange maintains a “user protection fund” that had over $464 million in it, she said.
“Cold wallets remain fully secure. Bitget operates a three-tier wallet architecture — the breach contained only a portion of the hot wallet and warm wallet layers,” she added.
Deposits and trading remain online, she said, but the exchange is “temporarily” pausing withdrawals until it can finish a security review.
Onchain data and independent blockchain researchers had earlier flagged unusual wallet movements, initially reporting that around $183 million in digital assets had moved from wallets labeled as belonging to the exchange.
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