Cryptocurrency exchange, BitGet, said about $351.6 million in digital assets was stolen via a security breach while saying its cold wallets and customer funds remained secure.
BitGet detected unauthorized transfers from some of its hot wallets and suspended withdrawals as a precaution while it investigates the incident, the exchange said.
Deposits and trading remained operational.
Bitget CEO, Gracy Chen, said the breach was confined to portions of the exchange’s hot and warm wallet infrastructure and that the company’s cold wallets were not affected. The exchange’s User Protection Fund, which holds more than $464 million, covers the full amount of the reported loss, she said.
“User funds are safe,” Chen said, adding that customer account balances remained accurate and assets were protected.
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The exchange later said the incident did not involve a compromise of private keys. Instead, attackers compromised a critical backend system within Bitget’s wallet infrastructure, spoofed transaction data, and triggered the exchange’s authorization process to move funds, Chen said.
Bitget said its security team activated emergency response procedures within minutes of detecting the unauthorized transfers. It has identified and flagged addresses involved in the transactions and notified law enforcement and blockchain security firms.
The exchange said withdrawals would remain suspended until its security review was completed and that it would publish a full incident report covering the root cause and corrective measures.
The breach adds to a series of large cryptocurrency security incidents in 2026 highlighting the risks exchanges face even when the private keys controlling their offline reserves are not compromised.
Bitget said further unauthorized transfers had been contained and that it would provide updates as its investigation progresses.
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