According to the official announcement released by Bittrex (Binance Coin Exchange) today, a fund movement of about $351.6 million was confirmed from an internal wallet without authorization, and as a result the withdrawal service has been temporarily suspended. The company stated that it is securely holding users’ funds and will cover any losses through its own insurance policy.
**Incident overview and response process**
Bittrex detected the abnormal large movement of funds in a wallet on February 24 at about 18:00, immediately activated its security protocol, and confirmed that the incident occurred within part of the exchange’s three-tier wallet architecture – specifically the Hot Wallet and Warm Wallet (warm‑wallet). The Cold Wallet is fully secured; currently deposit and transaction services are operating normally. The CEO emphasized that the incident shows a need to review and strengthen the existing security system, noting that the company holds insurance exceeding $464 million and can cover all losses.
**Blockchain analysis and early warning**
Before the official announcement, blockchain security researchers and analysts first disclosed reports indicating suspicious movements of about $170–183 million from Bittrex‑related addresses. Those funds were identified as having moved across multiple blockchains (Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX), Tether (USDT) etc.) and had been transferred and converted among various digital assets. Bittrex has traced those addresses, cooperating with law‑enforcement agencies and security companies.
**Commitment to transparent information disclosure**
Bittrex pledged to provide clear information regarding the incident; its CEO announced that a full incident report—including root‑cause analysis and corrective actions—will be issued within 24 hours. Until then, updates will be provided hourly, aiming to increase users’ trust and transparency.