Bitget Hack Drains $351.6 Million, Raising September 2026 Crypto Losses to Record Levels

Bitget announced that it has suspended all withdrawals following a series of unauthorized transfers that emptied about $351.6 million from a limited set of its hot and warm wallets. The exchange detected the activity at 18:31 UTC on September 24 and activated emergency response procedures within minutes.

Impact on Assets and Users

Fifteen transfers moved nearly $192 million across seven different assets, with Ethereum representing the largest share at 44.4 %. Bitget’s cold wallets and the majority of user balances remain unaffected. The exchange assures that customer balances are accurate and that the loss is fully covered by its User Protection Fund, which holds over $464 million.

Operational Status

Deposits and trading continue as normal, while withdrawals stay paused pending a comprehensive security review. Bitget has flagged the addresses involved, notified law‑enforcement agencies and on‑chain security firms, and pledged hourly updates with a full incident report within 24 hours.

Broader Context

The breach occurs amid Bitget’s eighth‑anniversary campaign and its expansion into equities, foreign exchange, and other markets. According to DeFiLlama, September’s crypto‑related losses had already exceeded $331 million before the Bitget incident, and the additional $351.6 million would raise the month’s total to over $684 million, surpassing the previous 2026 high set in April.

Next Steps

Bitget’s CEO Gracy Chen stated that withdrawals will remain suspended until the security review is complete and emphasized a commitment to transparency and full accountability for every dollar involved.