Following alerts from independent analysts about suspicious wallet activities, Bitget's CEO Gracy Chen confirmed the breach.
By Aoyon Ashraf, Nikhilesh Denow2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitget CEO Gracy Chen (CoinDesk)Bitget, a cryptocurrency exchange, reported a loss of $351.6 million due to a cyber breach, as confirmed by CEO Gracy Chen in a social media update.
In her statement on X, Chen reassured users that Bitget's cold wallets and their funds are secure, noting that the breach involved “unauthorized transfers from some of our hot wallets.” She highlighted that the exchange's user protection fund had more than $464 million available.
“Cold wallets remain fully secure. Bitget employs a three-tier wallet system, and the breach affected only a segment of the hot and warm wallet layers,” she explained.
While deposits and trading functionalities are still operational, withdrawals have been “temporarily” halted pending a security assessment.
Prior to the announcement, blockchain researchers had identified irregular wallet transactions, estimating that approximately $183 million in digital assets had shifted from wallets attributed to the exchange.
Emmett Gallic, a blockchain analyst at Arkham Intelligence, noted in a post on X that the transactions involved three hot wallets and one cold wallet across various blockchains, with the assets being pooled into a single address. The compromised assets reportedly included ETH, BNB, AVAX, and USDT0, according to his findings.
“It appears that Bitget has been hacked for $178 million,” he remarked, indicating that additional transactions were occurring in a subsequent update.
Chen pledged that a detailed incident report would be released within 24 hours.
Hot wallets are linked to systems that facilitate transactions and withdrawals, making them more vulnerable than cold wallets, which are designed to keep signing credentials offline and away from internet access.
This incident marks one of the most significant hacks of 2026, with Bitget's loss of $351.6 million standing out in a particularly challenging month for the cryptocurrency market. Earlier in September, the Liquid Network also experienced a significant breach, losing $320 million, though the perpetrators there claimed to be acting as “white hat hackers.”
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