- Bitget lost $351.6 million from hot and warm wallets on Sept. 24.
- The exchange has frozen withdrawals while it investigates the breach.
- CEO Gracy Chen says Bitget’s $464 million protection fund will cover the loss.
Crypto exchange Bitget said it will fully cover roughly $351.6 million in losses after hackers breached its hot and warm wallets in what is now the largest reported exchange hack of 2026.
Bitget has frozen all customer withdrawals while it investigates the incident. CEO Gracy Chen said user balances remain accurate and that the exchange has sufficient funds to cover the losses, including a protection fund of more than $464 million.
What Happened
Chen confirmed in a post on X on September 25 that Bitget experienced a security incident affecting several assets, including ETH, XRP, BNB, AVAX, USDT, and USDC, across multiple blockchains. The estimated value of the affected funds was approximately $351.6 million.
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The exchange said its cold wallets were not affected and that all on-chain cold-wallet assets remain secure.
Bitget Wallet, which operates separately from the exchange’s infrastructure, was also unaffected, according to the CEO.
The exchange is working with the foundations of the affected blockchains, with some hacker wallet addresses reportedly already frozen.
Based on its IP and on-chain analysis, Bitget said the attack bears similarities to methods associated with North Korean hacking groups.
Bitget Says Protection Fund Covers Losses
Bitget CEO reassures users that the exchange has more than $464 million in a publicly verifiable protection fund and more than $1 billion in proprietary assets, with user funds backed 1:1. The exchange is working to restore withdrawals but has not yet provided a timeline for their full resumption.
BGB Token Falls After Hack
Bitget’s native token, Bitget Token (BGB), fell more than 9% on the incident day, to the lows of around $1.88. As of Friday, it has recovered up around 6% to trade over $2.02.
Bitget is a major global cryptocurrency exchange, best known for its copy-trading services. The company says it is the world’s largest crypto copy-trading platform, with more than one million followers in 2025.
CoinMarketCap ranked Bitget No. 6 globally by combined spot and derivatives trading volume in June 2026, with about $315 billion in monthly volume and a 6.65% market share.
Asia is Bitget’s strongest regional market, with Southeast Asia among its fastest-growing regions. The company reported 216% cumulative user growth there from 2024 through the first quarter of 2026 and said the region was among its top three markets for derivatives activity in April 2026.
Biggest Among Other 2026 Attacks
Bitget’s reported $351.6 million loss would exceed the roughly $292 million stolen from Kelp DAO in April. In that incident, an attacker drained 116,500 rsETH from Kelp’s LayerZero-powered cross-chain bridge, representing about 18% of the token’s circulating supply. Arbitrum later froze about $71 million in ETH linked to the exploit.
Kelp DAO’s incident was described at the time as the largest DeFi exploit of 2026. If Bitget’s reported loss is confirmed at $351.6 million, it would therefore represent a larger theft by dollar value.
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