Bitget Suffers $388M Hack, Largest Single-Day Withdrawal in Four Years
Bitget, one of the top ten crypto exchanges by trading volume, suffered a major security breach on September 24. Attackers exploited a vulnerability in a third-party security product to steal up to $388 million from its hot wallets.
The attack involved two smaller test transfers before the main unauthorized withdrawal. Bitget's private keys were never compromised, and cold storage wallets remained untouched.
According to DefiLlama data, the September 29 outflow figure represents the largest single-day withdrawal event in four years, with $463 million leaving the exchange.
The breach has left a trust deficit among users, with Bitget's User Protection Fund having absorbed a substantial portion of user losses. The fund had exceeded $464 million before the hack but fell below $200 million post-incident.