Bitget Hacked as $350 Million Disappears From Crypto Exchange Wallets
BITGET HACKED: A $350 MILLION CRYPTO DRAIN
In a shocking turn of events, cryptocurrency exchange Bitget has confirmed a significant security breach that has resulted in the loss of over $350 million from its wallets. The incident, which occurred on September 24, 2026, has sent ripples through the crypto community, raising concerns about the security measures employed by exchanges. The hack involved the draining of both hot and cold wallets, which are essential for the daily operations of the platform. This breach highlights the vulnerabilities that even established exchanges face in the rapidly evolving landscape of digital currencies.
HOW BITGET'S WALLETS WERE COMPROMISED IN UNDER AN HOUR
The hack was executed with alarming speed, as on-chain data reveals that approximately $183 million in various cryptocurrencies, including ETH, USDT, USDC, AVAX, and BNB, was siphoned off from wallets associated with Bitget to a newly created address in less than an hour. The attackers utilized a freshly minted wallet to facilitate the transaction, which included a notable purchase of 7,111 ETH for $19.67 million in USDT within just six minutes. This transaction was conducted through decentralized exchanges like UniswapX and 1inch Fusion, with the attackers paying up to 5% above the market price, indicating a calculated and sophisticated approach to the hack.
USER IMPACT: BLOCKED WITHDRAWALS ON BITGET FOLLOWING THE HACK
The aftermath of the hack has left many Bitget users in a state of uncertainty, as reports of blocked withdrawals have surfaced. Users attempting to access their funds have encountered difficulties, leading to frustration and anxiety within the community. The situation has prompted Bitget to confirm the security breach publicly, acknowledging the impact on its user base. As the exchange works to address the fallout from the hack, users are left wondering about the safety of their assets and the measures being taken to rectify the situation.
BITGET CEO GRACY CHEN RESPONDS TO THE $350 MILLION THEFT
In response to the alarming theft, Bitget CEO Gracy Chen has addressed the incident, emphasizing the company's commitment to security. Chen confirmed that the total loss amounted to over $350 million and reassured users that the exchange's cold wallets, which are not connected to the internet, remain "fully secure." This statement aims to alleviate concerns about the overall safety of user assets held on the platform. As the company investigates the breach, Chen's remarks underscore the importance of transparency and communication during such crises.
SECURITY MEASURES: BITGET'S COLD WALLETS REMAIN SAFE
Despite the significant losses incurred from the hack, Bitget has highlighted that its cold wallets, which are crucial for safeguarding a portion of its assets, have not been compromised. These wallets are designed to provide an additional layer of security by storing cryptocurrencies offline, away from potential online threats. The assurance that cold wallets remain intact is a critical point for Bitget as it navigates the aftermath of the breach. Moving forward, the exchange is likely to reassess its security protocols to prevent future incidents and restore user trust in its platform.