Bitget Rebuilds $309 Million Protection Fund After $388 Million Hack

Bitget, a major cryptocurrency exchange, was hacked on September 24, 2026, resulting in the theft of about $388 million. The stolen funds included Bitcoin (BTC), Ethereum (ETH), USDT, and other cryptocurrencies.

The hackers exploited vulnerabilities in third-party software that Bitget had acquired, stole internal login credentials, and issued fake withdrawal requests. According to CEO Gracy Chen, these fraudulent orders drained the exchange's hot and warm wallets, those that operate online for quick access, while cold wallets, which remain offline, stayed secure.

Bitget's Protection Fund absorbed the losses without passing costs to users. The fund was rebuilt to $309 million by September 30, covering all customer losses. Bitget's proof of reserves showed 131% coverage overall, including 142% for Bitcoin and 110% for Ethereum.

The stolen funds were laundered through THORChain and Zcash's privacy pool, making it difficult for investigators to track the stolen coins. Only $821,000 of the stolen funds was frozen by investigators, while the rest may not be recovered.