Bitget confirms $351.6M hack, plans full reimbursement from user protection fund

Bitget officially confirmed an unauthorized outflow of about $351.6 million from some of its hot wallets and said the full amount will be reimbursed through its $464 million user protection fund. The exchange said it temporarily suspended withdrawals immediately after detecting the incident and began emergency measures, while deposits, regular spot trading and assets held in cold wallets remain safe. Bitget said it is working to freeze related addresses and is investigating the cause of the incident with judicial authorities and on-chain security firms. The exchange plans to release a final analysis report within 24 hours. We previously reported around 8:00 p.m. UTC yesterday that signs of a hack had been identified at Bitget.