Bitget loses $352 million in hack, claims user funds are safe

Crypto exchange Bitget disclosed a breach that resulted in the loss of approximately $351.6 million. The incident affected hot and warm wallet layers, while the exchange says its cold wallets and user funds remain protected.

Scope of the breach

Bitget’s three‑tier wallet architecture includes cold, warm, and hot wallets. The hack compromised a portion of the hot and warm wallets, leading to unauthorized transfers. The exchange paused withdrawals temporarily to complete a security review.

Assets involved

Blockchain analysts identified movements of several digital assets, including Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX) and Tether (USDT). The funds were consolidated into a single address after being transferred from multiple Bitget wallets.

Financial safeguards

Bitget maintains a user protection fund exceeding $464 million, which it says can cover user losses. The company pledged to publish a detailed incident report within 24 hours of the announcement.

Context within the market

The loss ranks among the largest hacks reported in 2026. Earlier in September, the Liquid Network suffered a $320 million breach, highlighting a challenging period for crypto security.