Bitget Confirms $350M Hot Wallet Breach, Cites User Protection Fund
Bitget has confirmed a security breach in its hot wallet infrastructure affecting approximately $351.6 million in cryptocurrency, but reassuring customers that their funds remain protected by the exchange's User Protection Fund.
The incident occurred on September 24, 2026, at 18:31 UTC, when Bitget's security systems detected unauthorized transfers from some of its hot wallets. The exchange's CEO Gracy Chen said emergency response protocols were activated immediately.
The breach was initially flagged through unusual on-chain activity, with DCF GOD, a pseudonymous crypto analyst, pointing to suspicious transactions involving 7,111 ETH and 19.67 million USDT0 allegedly linked to Bitget hot wallets.
Early estimates placed the affected amount at around $174 million, but this rose to roughly $183 million as additional transactions were identified. Chen later confirmed the total loss at approximately $351.6 million.