Crypto exchange Bitget says $352 million affected in a hack, claims user funds are 'safe'
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Crypto exchange Bitget experienced a system breach affecting $351.6 million, according to CEO Gracy Chen. The hack involved unauthorized transfers from some hot wallets, while cold wallets and user funds remained secure. Bitget paused withdrawals temporarily for a security review but kept deposits and trading online.
Why it matters
The source highlights that this could be the biggest hack of 2026, emphasizing market impacts such as a sharp, though partial, recovery in Bitget’s native token BGB. The event follows earlier large hacks in September, indicating a challenging period for crypto security, but the source does not elaborate on broader industry or policy implications.
Key context
Bitget operates a three-tier wallet architecture with cold wallets designed to be fully secure and separate from internet-connected systems. The breach affected hot and warm wallets, which handle more active transactions. Blockchain analysts identified unusual asset movements across multiple blockchains consolidating funds into one address.
Key numbers and entities
The breach involved $351.6 million from Bitget, with a user protection fund exceeding $464 million. Analyst Emmett Gallic from Arkham Intelligence reported $178 million moved from three hot wallets and one cold wallet; assets involved included ETH, BNB, AVAX, and USDT0. Bitget’s token BGB was down 2.9%, Bitcoin down 0.29%, and Ether down 0.2% at press time.
What remains unclear
The exact extent of losses from the $351.6 million exposure is not confirmed. The specific details of the hack, such as the vulnerability exploited, timeline, and whether funds will be recovered, are not provided. The source does not include Bitget’s full incident report or any regulatory responses.