Crypto exchange Bitget has confirmed unauthorized transfers totaling approximately $351.6 million and has temporarily suspended withdrawals while the incident is under investigation.

The attack affected hot and warm wallets

Bitget CEO Gracy Chen stated that the security breach was limited to certain levels of the exchange's hot and warm wallets, while cold wallets remain secure. The company has flagged the addresses involved in the transfers and has contacted law enforcement and on-chain security firms to support the investigation.

Protection fund covers the reported amount

Bitget noted that the affected amount falls within the scope of its User Protection Fund, which holds over $464 million.