Bitget Rebuilds Protection Fund After $388 Million Hack

A major cryptocurrency exchange, Bitget, suffered a massive hack on September 24, 2026, where hackers stole approximately $388 million in various cryptocurrencies, including Bitcoin, Ethereum, and USDT. Despite the significant loss, the exchange was able to rebuild its Protection Fund to $309 million, which is approximately 3,705 BTC. The fund was initially around $464 million but dropped below $200 million after the hack.

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 remained secure. The hack occurred just 18 days after another incident where attackers drained about $320 million from the Liquid Network.

Bitget's proof of reserves showed that it had sufficient assets to cover all customer balances, with 131% coverage overall, including 142% for Bitcoin and 110% for Ethereum. The exchange temporarily froze withdrawals to safeguard its customers' assets, but they resumed within days. The stolen funds may not be recovered, with some parties attempting to intervene but ultimately failing to freeze the hackers' addresses.