Ethereum
Bitget Confirms $350 Million Hot Wallet Drain with User Fund Covering Losses
Cryptocurrency exchange Bitget reported a major hot-wallet breach on September 24, 2026, assuring customers that its reserve fund covers all stolen assets.
Cryptocurrency exchange Bitget experienced a security breach on September 24, 2026, resulting in the theft of over $350 million from its hot wallets, CEO Gracy Chen announced. In response to unauthorized transfers detected at 18:31 UTC, the platform activated emergency countermeasures and paused user withdrawals.
On-chain tracking services including Bubblemaps and Arkham identified massive outflows to a new address, encompassing about $183 million in Ether, stablecoins, and alternative layer-one tokens. The perpetrator rapidly converted $19.67 million of USDT0 into 7,111 ETH across UniswapX and 1inch Fusion on the Arbitrum network.
According to Bitget leadership, the breach was confined entirely to internet-connected operational wallets, leaving offline cold storage untouched. Chen confirmed that user balances remain protected by the exchange's dedicated User Protection Fund, which currently holds upwards of $464 million.
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