Bitget temporarily suspended customer withdrawals after detecting the unauthorized movement of approximately $351.6 million in cryptocurrency. The exchange said the incident did not affect the balances displayed in customer accounts and that it would use its own protection reserves to cover the loss.
The security breach was detected on the evening of September 24, 2026. Bitget noticed unusual activity involving several hot and warm wallets, which are connected to routine exchange operations. The company responded by stopping withdrawals and investigating the transactions. Trading and deposits remained available while the investigation continued.
According to Bitget chief executive Gracy Chen, the attackers did not obtain the exchange’s private keys. Instead, they reportedly compromised an internal system used to organize and approve wallet transactions. The attackers then inserted misleading transaction information into the system, causing the approval process to authorize 19 transfers that Bitget had not approved.
Bitget says the weakness responsible for the incident has been corrected. It also stated that additional unauthorized transfers cannot be made through the same method.
The exchange said its cold wallets were not affected. These wallets hold most of Bitget’s assets offline, away from systems used for everyday transactions. Bitget also maintained that customer account records remained accurate and that users did not lose funds from their balances.
To address concerns about repayment, the company pointed to its User Protection Fund. Bitget said the fund contained more than $464 million when the incident occurred, meaning the reported loss could be covered without taking money from customers.
The stolen assets reportedly included Ethereum, XRP, BNB, Avalanche, USDT, and USDC. Some of the USDT and USDC was frozen after the attack because the companies that issue those stablecoins can block certain tokens. Other assets, including Ethereum and XRP, cannot generally be frozen in the same way, making them more difficult to recover.
Some cybersecurity experts and media reports have suggested that the attack resembled operations associated with North Korean hacking groups. However, no final attribution had been announced by Bitget, and the suspected perpetrators had not been officially identified.
Bitget planned to restore withdrawals gradually. Bitcoin services were expected to return first, followed by Ethereum and USDT, with additional assets and services becoming available afterward. The exchange also said it would provide more information and invite independent security specialists to examine its systems.
The incident therefore involved a major breach of Bitget’s operational wallet infrastructure, but the company’s stated position was that customer balances remained protected. The withdrawal suspension was presented as a temporary containment measure intended to prevent further unauthorized transfers while the exchange repaired its systems and resumed services in stages.
Such cyber attacks are likely to trigger other players like Marathon Digital Holdings Inc. (NASDAQ: MARA) in the industry to review their own systems in order to patch any detected vulnerabilities so that hackers can be forestalled.
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