Bitget Rebuilt a $309 Million Protection Fund After a $388 Million Hack

Bitget, a major cryptocurrency exchange, was hacked on September 24, 2026, with the thieves making off with a staggering $388 million in customer funds.

The hackers exploited vulnerabilities in third-party software and stole internal login credentials to issue fake withdrawal requests, draining the exchange's hot and warm wallets while leaving cold wallets secure.

However, instead of leaving customers to bear the losses, Bitget utilized its Protection Fund to compensate for the theft, successfully rebuilding it to $309 million.

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

The stolen funds included Bitcoin, Ethereum, USDT, and other cryptocurrencies, but most may not be recovered, with the launderers seeking assistance in public channels like Discord and Telegram.