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

The cryptocurrency exchange Bitget suffered a massive hack on September 24, 2026, resulting in the theft of $388 million in customer funds. Despite this, the exchange has rebuilt its Protection Fund to $309 million, covering all customer balances.

The hackers exploited vulnerabilities in third-party software and stole internal login credentials to issue fake withdrawal requests, draining Bitget's hot and warm wallets. However, the exchange's cold wallets, which remain offline, stayed secure.

Bitget's proof of reserves showed that it had 131% coverage overall, including 142% for Bitcoin and 110% for Ethereum, indicating sufficient assets to back customer balances.

The stolen funds included Bitcoin, Ethereum, USDT, and other cryptocurrencies. While some parties attempted to intervene, most of the stolen funds may not be recovered, with blockchain investigators reporting that the launderers sought assistance in public channels.