BitGet Hit with $350 Million Wallet Infrastructure Hack
BitGet, a cryptocurrency exchange, suffered a significant security breach in 2026, resulting in losses of over $350 million. The breach occurred when attackers compromised a critical backend system within Bitget's wallet infrastructure, allowing them to spoof transaction data and trigger the exchange's authorization process.
The attackers were able to move funds from some of BitGet's hot wallets, but the company's cold wallets and customer funds remained secure. According to Gracy Chen, CEO of BitGet, the breach was confined to portions of the exchange's hot and warm wallet infrastructure.
BitGet's User Protection Fund, which holds over $464 million, covers the full amount of the reported loss. Chen stated that 'User funds are safe,' and customer account balances remained accurate throughout the incident.
The exchange suspended withdrawals as a precautionary measure and has identified and flagged addresses involved in the transactions. BitGet notified law enforcement and blockchain security firms about the breach and will publish a full incident report once its security review is completed.