BITGET HALTS WITHDRAWALS AFTER $351.6M BREACH

Bitget activated emergency response protocols after discovering unauthorized transfers affecting approximately $351.6 million across some of its wallet infrastructure. The exchange halted withdrawals to prevent further unauthorized activity. Hot wallets hold cryptocurrency for active trading and transactions, while warm wallets serve as intermediate storage with higher security than hot wallets but more accessibility than cold storage. The breach suggests attackers gained access to multiple wallet layers. CEO Gracy Chen addressed the incident publicly, assuring users that funds are protected. The company did not immediately disclose the attack's cause, timeline, or whether customer assets were directly compromised. The incident marks another security challenge for major crypto platforms. Bitget, one of the world's largest crypto derivatives exchanges by trading volume, faces pressure to restore user confidence and provide detailed transparency about the breach's scope and remediation efforts.