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

Bitget, a major cryptocurrency exchange, suffered a $388 million hack on September 24, 2026. The attackers exploited vulnerabilities in third-party software and stole internal login credentials to issue fake withdrawal requests.

The hackers did not compromise Bitget's private keys, but instead targeted the exchange's hot and warm wallets, which are online for quick access. Cold wallets, which remain offline, remained secure during the breach.

Bitget's Protection Fund, which covers events like hacks, was rebuilt to $309 million after absorbing the losses from the attack. This fund is discretionary and controlled by Bitget alone, rather than being mandated by regulatory requirements.

The stolen funds included Bitcoin (BTC), Ethereum (ETH), USDT, and other cryptocurrencies. Most of the stolen funds may not be recovered, as the launderers attempted to obscure their identity using privacy tools and decentralized protocols.