Bitget Disables Withdrawals After $351.6 Million in Unauthorized Transfers
Bitget suspended withdrawals across all 4,930 asset-network pairs on Sept. 24 after detecting unauthorized transfers totaling $351.6 million from select hot and warm wallets. The exchange's cold wallets remain unaffected and spot trading continues to operate normally.
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Scope of the Breach
Bitget detected unauthorized transfers moving approximately $351.6 million from a limited number of hot and warm wallets at 18:31 UTC on September 24, according to Chief Executive Officer Gracy Chen. The company activated emergency response procedures within minutes of discovery. The Defiant reported that Bitget's public API showed withdrawals disabled across all 4,930 asset-network pairs the exchange tracks, though deposits remained enabled and spot trading stayed online.
The discrepancy between the $165 million figure cited in one account and the $351.6 million total reported by Bitget suggests the initial detection may have captured only a portion of the unauthorized movement before the full scope became clear.
Asset Safety and Operational Status
Bitget said its cold wallets—which typically hold the majority of customer funds—remained untouched. Most customer assets were unaffected by the breach. The decision to disable withdrawals while keeping deposits and trading live indicates the exchange is attempting to halt outflows while maintaining liquidity for internal operations and market activity.
The breach pushed September 2024 crypto exchange losses to their highest level since 2021, per CryptoSlate's tracking. The exchange has not yet disclosed details on how the unauthorized access occurred or provided a timeline for restoring withdrawals.
Why It Matters
For Traders
Withdrawal suspension locks liquidity in Bitget accounts; traders holding positions there face heightened counterparty risk and should prioritize moving funds to self-custody once withdrawals resume.
For Investors
A breach of this scale signals operational and security vulnerabilities at a major CEX, reinforcing the case for segregated custody and diversified exchange holdings.
For Builders
Incidents like this demonstrate why self-custodial protocols and atomic settlement without intermediaries remain critical infrastructure priorities for the ecosystem.
This article is for information only and is not financial advice. Read the full disclaimer.
