Bitget Reels After $388M Security Breach Wipes Out 5-6% of Reserves

Bitget, one of the world's largest centralized crypto exchanges, has faced a major security breach that drained approximately $388 million from its operational wallets. The attack exploited a zero-day vulnerability in a third-party security application, allowing attackers to spoof transactions by obtaining internal credentials.

The exchange suspended withdrawals immediately after detecting the breach while keeping trading and deposits operational. Withdrawals were phased rather than reopened all at once: Bitcoin on September 28, Ethereum on September 29, and USDT on September 30. Other assets and peer-to-peer transactions are targeted for October 2.

Over $4 billion is now left in Bitget's reserves, down from above $6.7 billion prior to the hack. The exchange is absorbing the loss through its User Protection Fund, which was valued at over $464 million before the incident and remains large enough to cover the theft with some cushion remaining.