Some Bitget hot wallets experienced abnormal transfers involving approximately $351.6 million, while cold wallets and the vast majority of platform assets were unaffected.

BlockBeats news, September 25: Bitget Greater China head Xie Jiayin stated in a post that at 2:31 AM Beijing time on September 25, Bitget's security system detected abnormal transfers from some hot wallets, and the security team immediately activated its emergency response mechanism. The platform's preliminary assessment indicates that the incident involves approximately $351.6 million, and the specific cause is still under investigation.

Bitget stated that its cold wallets and the vast majority of the platform's assets remain intact and were not affected by this incident, and that user account balances are accurate and assets are protected. The loss amount is fully covered by the Bitget User Protection Fund, which currently exceeds $464 million.

Minutes after the incident occurred, Bitget established an emergency response team. The relevant abnormal transfer addresses have been flagged and reported, and law enforcement agencies and on-chain security firms have been notified to intervene in the investigation. For the sake of fund security, the platform has temporarily suspended withdrawal functions, which will be restored in an orderly manner after security verification is completed; deposit and trading functions remain operational.

Bitget said it will subsequently publish updates on the incident on an hourly basis and plans to release a complete incident report within 24 hours, including root cause analysis and corrective measures. Before the investigation conclusions are clear, the platform will not speculate on the specific attack method.

Earlier on-chain monitoring showed that approximately $180 million to $183 million in assets were transferred out from multiple addresses tagged as Bitget, involving assets such as ETH, BNB, AVAX, USDT0, USDC, USDT, and XAUT. After the funds were consolidated into one main address, they were then dispersed to at least 6 addresses. Among them, a newly created address used 19.67 million USDT0 from a Bitget hot wallet to buy 7,111 ETH through UniswapX and 1inch Fusion in about 6 minutes, with some execution prices about 5% higher than the spot market.

Bitget CEO Gracy Chen has held a public livestream regarding this matter, but as of now, the official side has not yet released a written version of new investigation conclusions.