Crypto Giant Bitget Loses $351.6 Million In Major Security Breach

Cryptocurrency exchange Bitget has disclosed that approximately $351.6 million in digital assets was affected after hackers gained unauthorised access to part of its wallet infrastructure.

According to Bush Radio Academy, Bitget detected suspicious transfers from some of its hot wallets at about 18:31 UTC on Thursday, September 24, 2026. The exchange subsequently activated its emergency response procedures and temporarily suspended withdrawals while investigations into the incident continued.

Bitget said the breach was limited to portions of its hot and warm wallet infrastructure, while its cold wallets remained secure. The company also assured users that their funds were protected, stating that its User Protection Fund held more than $464 million, exceeding the estimated value of the affected assets.

Bitget CEO, Gracy Chen, later explained that the attackers had compromised a critical backend system connected to the exchange’s wallet infrastructure. According to her, the hackers manipulated transaction data and triggered the platform’s authorisation process to transfer the assets.

Chen said the investigation had ruled out a private-key compromise and that the security breach had been contained, with no further unauthorised transfers possible.

Despite the temporary suspension of withdrawals, Bitget said deposits and trading remained operational. The exchange also notified law-enforcement agencies and blockchain security firms while efforts continued to trace and recover the affected assets.

The assets involved reportedly included cryptocurrencies such as Ethereum, XRP, BNB, Avalanche, Tether and USD Coin, with transactions spread across several blockchain networks.

On the identity of the attackers, Chen said preliminary analysis pointed towards possible involvement by North Korean hackers. She cited IP behaviour, VPN patterns and similarities with techniques previously associated with North Korean cyber operations. However, the attribution remains a preliminary assessment as investigations are still ongoing.

Bitget has said it is working with relevant authorities, blockchain networks and security specialists as it investigates the breach and pursues recovery efforts. The company also pledged to release a detailed technical report covering the root cause of the incident and the measures being taken to strengthen its security systems.

The exchange has not announced a definite timeline for the restoration of withdrawals, saying the service will resume after the ongoing security review is completed.