Bitget confirms $351.6M hot wallet hack, withdrawals suspended

The material point is not the size of the drain but the claim that a user protection fund can absorb it in full, which is the kind of assertion that only gets tested once withdrawals resume. The immediate pressure sits with Bitget's users, who are locked out of withdrawals while a security review runs, and with the wider exchange sector, where a backend compromise of wallet infrastructure is a harder story to dismiss as a one-off. Whether the promised incident report clarifies how a backend system was reached, and whether withdrawals reopen without a run, is the open question.