CryptoSlate
Bitget suspended withdrawals after unauthorized transfers drained about $351.6 million from a limited number of hot and warm wallets. The exchange detected the activity at 18:31 UTC on Sept. 24 and activated its emergency response within minutes, CEO Gracy Chen said. Fifteen transfers moved nearly $192 million across seven assets, with Ethereum accounting for 44.4% of the total. Cold wallets and most assets on the platform were unaffected.
Why it matters
Chen said customer balances remain accurate and that the full loss falls within Bitget's User Protection Fund, which holds more than $464 million. Deposits and trading continue normally, but withdrawals remain paused until the security review is complete.
Bitget has flagged addresses linked to the transfers and notified law enforcement agencies and on-chain security firms. The exchange has not disclosed how the wallets were compromised and said it would not speculate while the investigation continues. It plans to provide hourly updates and publish a full incident report within 24 hours, including the root cause and corrective measures.
Market impact
The incident adds to an already costly month for crypto security. September's reported losses had risen above $342 million across multiple attacks before Bitget's affected assets were counted. Including the exchange incident would push the month's gross total above $684 million, surpassing April's approximately $646.9 million and making September the costliest month of 2026 on that measure.
The figure could change if investigations recover assets or reclassify losses. For markets, the immediate operational signal is Bitget's withdrawal freeze and the size of the protection fund backing customer claims. The investigation's root-cause report will determine whether the breach points to an exchange-specific failure or a broader wallet-security risk.
Frequently asked questions
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Why did Bitget suspend withdrawals?
Bitget suspended withdrawals after unauthorized transfers drained assets from a limited number of hot and warm wallets. The pause will remain during a security review.
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How much did the Bitget incident affect?
Bitget said about $351.6 million in assets were affected. Fifteen transfers moved nearly $192 million across seven assets, with Ethereum representing 44.4%.
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Will Bitget customers be reimbursed?
CEO Gracy Chen said customer balances remain accurate and that the full loss is covered by Bitget's User Protection Fund, which holds more than $464 million.
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How did the hack change September crypto losses?
Counting Bitget's affected assets would lift September's reported crypto losses above $684 million, surpassing April's approximately $646.9 million.
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What will Bitget disclose next?
Bitget plans to provide hourly updates and publish a full incident report within 24 hours. The report is expected to cover the root cause and corrective measures.
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