Singapore, September 25th – Leading cryptocurrency exchange Bitget has confirmed a significant security incident involving unauthorized transfers from a portion of its wallets, impacting an estimated $351.6 million in assets. In response, the platform has temporarily halted withdrawals to conduct thorough security checks, while deposit and trading services continue without interruption.
Bitget Detects Anomalies, Initiates Emergency Response
According to the official announcement, Bitget detected unusual activity at 2:31 AM Taiwan Standard Time (TST) on September 25th, prompting an immediate activation of its emergency response protocols. The incident primarily affected a portion of its hot and warm wallets, with cold storage remaining secure. Crucially, Bitget reassures users that their account balances are accurate and their assets remain protected.
Robust User Protection Fund Exceeds Estimated Losses
Bitget emphasized its commitment to user security, highlighting its robust User Protection Fund. At the time of the announcement, the fund held over $464 million in assets, significantly exceeding the estimated $351.6 million impact from the unauthorized transfers. While the fund’s capacity to cover potential losses is clear, the announcement did not confirm the immediate completion of loss coverage or compensation.
Collaborative Investigation Underway
The exchange has taken swift action, identifying, flagging, and reporting the anomalous transfer addresses. Bitget has also initiated collaboration with law enforcement agencies and leading on-chain security firms to investigate and mitigate the incident. Withdrawals are slated to resume following the successful completion of these security assessments, though a precise timeline was not provided in the initial statement.
Commitment to Transparency: Full Report Expected
Bitget has committed to a full investigation, refraining from speculating on the attack vector until a comprehensive analysis is complete. The exchange has pledged to release a detailed incident report, including root cause analysis and remedial measures, within 24 hours of its initial announcement, underscoring its dedication to transparency and user trust.
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