Bitget Suffers $352 Million Loss in Cyberattack, Assures User Security

Bitget, a prominent cryptocurrency exchange, has disclosed a significant loss of $351.6 million resulting from a cyberattack. CEO Gracy Chen confirmed the breach in a recent statement on social media, addressing concerns raised by independent analysts regarding unusual wallet activities.

Chen reassured users that the exchange's cold wallets remain secure and emphasized that the attack involved unauthorized transfers from certain hot wallets. She noted that Bitget's user protection fund currently holds over $464 million, providing an additional layer of security for users.

Although trading and deposit functions remain operational, the platform has temporarily suspended withdrawals as a precaution while conducting a thorough security assessment. Prior to the official announcement, blockchain researchers had identified irregular transactions, estimating that around $183 million had been moved from wallets associated with Bitget.

According to blockchain analyst Emmett Gallic, the compromised transactions involved three hot wallets and one cold wallet across various blockchains, aggregating the assets into a single address. The affected assets included Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX), and Tether (USDT).

Chen indicated that a detailed report on the incident would be provided within the next 24 hours. This incident is notable as one of the largest hacks in 2026, following another significant breach earlier in September involving the Liquid Network, which lost $320 million amid claims of white-hat hacking.