Cryptocurrency exchange Bitget confirmed a major security breach on September 24, 2026, reporting that approximately $351.6 million in digital assets were siphoned from its hot wallets. The unauthorized transfers were first detected by the exchange’s internal security systems at 6:31 PM UTC, triggering an immediate emergency response protocol to contain the incident.
Bitget CEO Gracy Chen addressed the situation in an official statement, emphasizing that the breach was restricted to a specific segment of the exchange’s hot and warm wallet infrastructure. The company maintains a three-layered security architecture, and officials confirmed that the firm’s cold wallets remain entirely secure and untouched by the attackers.
In an effort to reassure its global user base, Bitget stated that all affected assets will be fully covered by the company’s “User Protection Fund.” Currently, the fund holds over $464 million in assets, which the exchange claims is more than sufficient to compensate for the $351.6 million loss. The company insists that no individual user accounts have been compromised and that all account balances remain accurate.
As a precautionary measure, Bitget has temporarily suspended all withdrawal services while a thorough security audit is underway. However, the exchange clarified that platform operations, including deposits and trading, remain fully functional for all users.
“Our security team was alerted within minutes of the initial transfers,” the company noted in its update. “The addresses involved in the breach have been identified, marked, and reported to the relevant authorities.” Bitget has confirmed that it is currently working in coordination with law enforcement agencies and specialized third-party blockchain security firms to investigate the origins of the attack and trace the stolen funds.
While the incident has sent shockwaves through the crypto community, the exchange has committed to a high level of transparency during the recovery process. Bitget has pledged to provide hourly updates regarding the status of the investigation. Furthermore, the company promised to release a comprehensive, detailed incident report within 24 hours, which will outline the specific attack vectors used, the vulnerabilities exploited, and the long-term corrective measures being implemented to prevent future recurrences.
At this stage, Bitget leadership has declined to speculate on how the breach was executed, stating that they will wait for the conclusion of the forensic investigation before confirming the technical details of the attack.
“We are committed to maintaining the integrity of our platform and the security of our users’ assets,” the exchange stated. Withdrawals are expected to resume once the security review is finalized and the platform is deemed fully secured. In the meantime, the company is urging its community to rely only on official communication channels for updates regarding the status of the incident.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
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