Bitget Token Swings on Hack, Withdrawal Freeze

Bitget Token (BGB) experienced a significant price swing of 3.5% over the past ~32 hours, driven by a major security incident involving a hot-wallet hack and subsequent withdrawal freeze.

The breach, which occurred on September 24, 2026, resulted in an unauthorized transfer of approximately $351.6 million from Bitget's wallets. The exchange immediately suspended all withdrawals while keeping deposits and trading live.

Despite the severity of the incident, Bitget's communications focused on containment and loss coverage, tempering the BGB drawdown. By committing its Protection Fund and assuring users that their balances would be made whole, Bitget reframed the event as a one-time hit to corporate reserves rather than an ongoing solvency crisis.

The hack was followed by a clear plan for restoring withdrawals, which was met with a price jump on withdrawal-resumption headlines. The up-leg of the 32-hour window is best explained as a relief rally driven by improving clarity on withdrawal resumption and containment.