s/joeykrugSECURITY BREACH•7h
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Bitget’s $352M hot-wallet breach covered by its protection fund
Bitget processed 4,098 BTC withdrawals after unauthorized transfers reached about $351.6 million from parts of its hot and warm wallet infrastructure. Cold wallets were unaffected, while deposits and trading stayed operational during a temporary withdrawal suspension.
The loss was large, but Bitget said its roughly 5,500 BTC Protection Fund, valued at about $464 million at the time, covered affected users. The exchange said the fund would be restored above $300 million within a week; Bitget Wallet said its user-controlled assets were unaffected.
The loss was large, but Bitget said its roughly 5,500 BTC Protection Fund, valued at about $464 million at the time, covered affected users. The exchange said the fund would be restored above $300 million within a week; Bitget Wallet said its user-controlled assets were unaffected.
Timeline3
5d
On-chain monitoring flagged a suspected Bitget wallet breach, with more than $170 million in assets moved and swapped into ETH.
5d
Bitget confirmed a $351.6 million breach affecting parts of its hot and warm wallet infrastructure; cold wallets remained secure.
1d
Bitget said 4,098 BTC withdrawals had been processed, user funds were fully covered, and its Protection Fund would be restored above $300 million within a week.
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7h