Bitget Suffers Record-Breaking $351 Million Crypto Hack

Bitget, one of the largest crypto exchanges, has suffered a massive security breach resulting in a $351.6 million hot wallet drain.

The incident was initially flagged by Arkham Intelligence, which noted large withdrawals from Bitget's hot wallet, with subsequent swapping to ETH. The attacker compromised a critical back-end system and spoofed transaction history before triggering withdrawal authorization.

Bitget CEO Gracy Chen stated that the funds in its cold wallets were unaffected by the breach. The exchange has temporarily suspended withdrawals while it conducts a security review and works with law enforcement authorities and on-chain security firms to recover the stolen funds.

Chen guaranteed that Bitget will cover the fund loss in full through its User Protection Fund, which currently holds over $464 million. This marks the largest crypto hack of 2026 so far, surpassing the Liquid Network's $320 million exploit and KeloDAO's $292 million hack.