1d ago

Bitget reports security incident as wallet outflows exceed $170M and losses near $350M

AI Market Summary

Bitget reported a major security incident, with on-chain data showing rapid outflows exceeding $170M and later estimates near $350M, alongside user reports of withdrawal issues. Even with assurances that client balances will be covered, the event revives counterparty-risk fears around centralized exchanges and can pressure near-term crypto sentiment, liquidity, and risk appetite as participants reassess exchange exposure.

Impact level

● High

Affected assets

BTC/USDT-0.12%

AI Insight · BTC/USDTAI Insight

▼ Bearish

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Bitget reported a major security incident after wallets linked to the exchange saw abnormal outflows of more than $170M in a short burst, involving ETH and multiple stablecoins. On-chain tracking showed the funds moving into a new address as many users said they were unable to withdraw. Bitget later said the hit was near $350M and pledged to fully cover customer balances. The incident has renewed market concerns over asset safety at centralized exchanges.

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