Bitget Confirms Security Breach with Estimated $351.6 Million in Losses

Crypto exchange Bitget reported unauthorized outflows from its hot wallets starting at 18:31 UTC on September 24. The exchange estimates the impact at approximately $351.6 million, while on-chain data suggests a figure closer to $180 million. Bitget stated that cold wallets are secure and user balances remain intact, with a $464 million user protection fund available to cover losses. Withdrawals are currently paused, and a full incident report is expected by 21:30 UTC on September 25.