What happened.

Bitget said it detected unauthorized transfers from a limited set of hot and warm wallets at 18:31 UTC on September 24 and suspended withdrawals. The exchange later stated that the losses totaled $351.6 million, after early reports ranged from roughly $170 million to $352 million.

Chief executive Gracy Chen said the attacker used spoofed transfers against a backend system, rather than compromised private keys. Bitget said its cold wallets and most platform assets were unaffected, and that losses would be covered by its User Protection Fund.

Why it matters.

A breach of this size, combined with suspended withdrawals, puts immediate attention on counterparty exposure and the operational resilience of exchange custody systems. The wider record also points to hot-wallet and bridge incidents surfacing within a day, making concentration at custodial infrastructure the relevant signal rather than any single loss estimate.

What to watch.

The clearest next receipts are the resumption of withdrawals and an independent forensic account confirming the attack path, the affected assets, and the final scope of losses. Bitget’s assurance that user funds are protected is material, but its technical account remains an exchange statement in the supplied record.

What to watch

Watch for Bitget to resume withdrawals and for independent forensic confirmation of the breach mechanism and scope.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-25 · upstream model sonnet. Direct links are matched to all 7 upstream source IDs.

  1. 1
    Nearly $352M Moved From Crypto Exchange Bitget Wallets in Suspected HackDirect upstream source · 15d5ba81a54d0451ce435601fa60813e6d82cbad
  2. 2
    Crypto exchange Bitget says $352 million affected in a hack, claims user funds are 'safe'Direct upstream source · b0a1421581b402d09452c36ee08da9f0bc368490
  3. 3
    Bitget confirms $352M security breach, suspends withdrawalsDirect upstream source · 79b53611006aebc27bb84172fb7e555e455f14e4
  4. 4
    Bitget’s $351.6 million hack pushes September crypto losses to 2026 highDirect upstream source · a5e00ad616bc6f38d3b2b9025e3504fbc04af695
  5. 5
    Bitget's $352 million hack happened via spoofed transfers, not private keys, CEO Gracy Chen saysDirect upstream source · 1ed720562364372e461c4da2403aee51d4cefa0a
  6. 6
    Bitget confirms $351.6 million exchange wallet breach after attacker compromises backend systemDirect upstream source · 3a4074ac83ddb68e92cc17a10f2793b2ef836a0a
  7. 7
    Bitget Hacked as $350 Million Vanishes From Crypto Exchange WalletsDirect upstream source · 7123097ac049d6aaade9db2b362da4364c89630c
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This Research brief was generated by Terra from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: The reported loss total and technical explanation rely on reporting and Bitget’s own statements; the supplied record contains no independent forensic confirmation.