Bitget Blames DeFi Protocols After $387.5M Hack as Recovery Efforts Fall Short

Bitget's recent $387.5 million hack has left the crypto community reeling, and the exchange is now calling out DeFi protocols for their handling of the situation.

The breach occurred on September 24, 2026, when attackers exploited a zero-day vulnerability in third-party security software to drain funds from Bitget's hot and warm wallets across multiple blockchain networks.

Bitget's CEO Gracy Chen stated that the exchange's cold wallets and private keys remained protected throughout the incident. The exchange suspended withdrawals after the breach and gradually restored them on September 28, with users' losses being fully covered by the User Protection Fund, valued at over $464 million before the breach.

However, Bitget is criticizing DeFi protocols for refusing to help recover stolen funds, citing NEAR Intents as an exception. The cross-chain protocol reported that its SHIELD risk-intelligence system identified and halted over $50 million in illicit laundering attempts tied to the Bitget hack, with actual freezes totaling around $503,000.