Bitget Pauses Withdrawals Following $387.5 Million Multi-Chain Security Exploit

Cryptocurrency exchange Bitget halted customer withdrawals after unauthorized transfers drained $387.5 million worth of digital assets from the venue ¹.

According to an Arche Capital briefing, the compromised funds were transferred directly to attacker-controlled wallets spread across several networks ¹. The breach spanned Ethereum-compatible blockchains, TRON, XRP Ledger, and Zcash ¹. The platform stated that it has successfully contained the intrusion, confirming that no additional unauthorized asset movements remain possible ¹. To retrieve the stolen funds, Bitget has introduced a bounty program focused on freezing and recovering the transferred assets ¹.

Multi-Chain Impact and Recent Precedents

The exploit ranks among the largest attacks recorded against a centralized cryptocurrency venue in recent years ¹. The breach unfolded across diverse chain architectures, exposing capital stored across smart contract environments as well as dedicated payment networks including XRP Ledger and privacy-focused network Zcash ¹.

At the time of writing, major crypto assets experienced mild downward pressure, with $BTC trading at $85,265 and $ETH trading at $2,695. The Bitget incident surfaces amid elevated institutional and regulatory scrutiny surrounding digital asset custody and infrastructure security ¹. It follows other substantial ecosystem losses, including a $292 million cross-chain exploit that drained 116,500 rsETH from liquid restaking protocol KelpDAO in April ¹. KelpDAO subsequently filed a lawsuit against cross-chain technology provider LayerZero over security endorsement disputes connected to that loss ¹.

Bitget's primary operational focus remains centered on its ongoing bounty program to track and freeze the illicit capital across external ledgers ¹.