Bitget, a prominent cryptocurrency exchange, has confirmed it was the target of a significant security breach, resulting in unauthorized transfers totaling approximately $351.6 million. The incident, disclosed by founder Gracy Chen, has prompted the exchange to suspend all withdrawals temporarily while a thorough investigation is conducted.
The breach was detected on September 24, 2026, when Bitget's systems identified suspicious activity involving its hot and warm wallet infrastructure. Initial estimates of the unauthorized transfers were around $174 million, but this figure quickly escalated as more transactions were revealed.
According to Chen, the exchange's cold wallets remain secure, and the breach was contained to specific layers of its wallet architecture. Despite the alarming incident, Bitget has assured users that their account balances are intact and protected by the exchange's robust $464 million User Protection Fund.
In response to the breach, Bitget activated its emergency protocols within minutes of detection. The exchange has also reported the incident to law enforcement and on-chain security firms, while identifying and flagging the addresses involved in the suspicious transfers.
As the investigation unfolds, Bitget has committed to providing hourly updates through its official channels. A comprehensive incident report detailing the root cause and corrective measures is expected within 24 hours. For now, trading and deposits remain operational, but users are advised to remain vigilant.
