Bitcoin
Bitget Suffers $350 Million Hot Wallet Breach as User Protection Fund Mobilized
Crypto exchange Bitget confirmed an exploit draining more than $350 million from hot wallets, while management stated customer assets are fully covered.
Hackers drained more than $350 million in digital assets from hot wallets belonging to crypto exchange Bitget on September 24, 2026, according to company chief executive Gracy Chen. The incident prompted temporary withdrawal suspensions while security teams initiated emergency protocols.
On-chain analytics platforms, including Arkham and Bubblemaps, initially observed suspicious transfers totaling roughly $183 million across tokens such as ETH, USDT, USDC, AVAX, and BNB. Among the transactions, a newly generated address swapped $19.67 million in USDT0 for 7,111 ETH within minutes using Arbitrum-based decentralized exchange routers UniswapX and 1inch Fusion.
Chen stated that Bitget's offline cold storage remained fully secure during the intrusion. The exchange noted that all customer losses fall within the scope of its User Protection Fund, which holds more than $464 million in reserves.
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