CoinDesk
Bitget lost $351.6 million in a system breach on Thursday, according to CEO Gracy Chen. The exchange said unauthorized transfers affected some hot wallets, while cold wallets and user funds remained secure. Bitget has paused withdrawals temporarily while it completes a security review.
Why it matters
Chen said the breach was contained to part of Bitget's hot- and warm-wallet layers within its three-tier wallet architecture. The exchange also maintains a user protection fund that held more than $464 million, she said, while deposits and trading remained online.
Onchain researchers initially flagged roughly $183 million in unusual transfers. Arkham Intelligence analyst Emmett Gallic said transactions involved three Bitget hot wallets and one cold wallet across multiple blockchains, with assets consolidated into one address. The assets included ETH, BNB, AVAX and USDT0.
Market impact
The withdrawal pause is the immediate market consequence for Bitget users. Its duration and the promised incident report, due within 24 hours, will be key tests of the exchange's ability to contain the breach and restore confidence.
The loss could rank among 2026's largest crypto hacks. It follows a $320 million loss at Liquid Network earlier in September, keeping exchange and custody controls in focus as market infrastructure expands.
Frequently asked questions
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Which Bitget wallets were affected by the breach?
Bitget said unauthorized transfers affected part of its hot- and warm-wallet layers. The exchange said its cold wallets remained secure.
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Why did Bitget pause withdrawals?
Bitget temporarily paused withdrawals while it completes a security review after unauthorized transfers from some hot wallets.
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What assets were involved in the flagged transfers?
Arkham analyst Emmett Gallic said the transactions included ETH, BNB, AVAX and USDT0 across multiple blockchains.
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How large was Bitget's user protection fund?
CEO Gracy Chen said Bitget's user protection fund held more than $464 million when the breach was announced.
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When will Bitget publish more information about the hack?
Bitget promised to publish an incident report within 24 hours. The report and the timing of withdrawal reinstatement will be key confidence tests.
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