Bitget, a prominent cryptocurrency exchange, has temporarily suspended withdrawals and on-chain trading following a staggering $351.6 million breach of its hot wallets on September 24, 2026.
The breach was detected at 18:31 UTC, leading to immediate emergency protocols as unauthorized transfers were identified.
Details of the Breach
Gracy Chen, CEO of Bitget, reported that the breach affected multiple blockchains, including Ethereum and XRP Ledger.
Our primary task is to protect our users. User balances will remain intact, and the Bitget User Protection Fund will cover the impact of this incident.
Gracy Chen, CEO of Bitget
XRP was noted as the largest single-chain loss, with other assets like ETH, BNB, and USDT also impacted. Fortunately, Bitget's cold wallets were unharmed.
User Protection and Financial Security
Bitget reassured users that all funds are secure and confirmed that the losses are covered by its User Protection Fund, which holds over $464 million.
In addition, Chen mentioned that Bitget's proprietary assets exceed $1 billion, ensuring user funds are safeguarded on a 1-to-1 basis.
Investigation Underway
The exchange's emergency team quickly flagged the suspicious transfers and has engaged both local authorities and global cybersecurity firms for a thorough investigation.
Chen noted that preliminary analyses suggest the breach may be linked to hacking groups associated with North Korea.
Future Actions and Support
Bitget plans to restore full withdrawal services post-security review, though a timeline for this has not been established.
Users remain encouraged to contact support through the platform, although wait times for live chat currently exceed 15 minutes.
Continuous updates will be provided via Bitget's announcement center and social media.