Bitget’s $351.6 million hack pushes September crypto losses to 2026 high

Bitget has suspended withdrawals after unauthorized transfers drained about $351.6 million from a limited number of its hot and warm wallets.The crypto exchange detected the transfers at 18:31 UTC on Sept. 24 and activated its emergency response procedures within minutes, Chief Executive Officer Gracy Chen said. Bitget’s cold wallets and most assets held on the platform were unaffected.Fifteen transfers drained nearly $192 million across seven assets, with Ethereum accounting for the largest share at 44.4%. Source: BubblemapsChen said customer balances remain accurate and the losses are covered by Bitget’s User Protection Fund, which currently holds more than $464 million. Deposits and trading continue to operate normally while withdrawals remain paused pending a security review.She said:“The full amount of this loss falls within the coverage of Bitget's User Protection Fund.”The exchange has identified and flagged addresses connected to the transfers and notified law enforcement agencies and on-chain security firms. It has yet to disclose how the wallets were compromised and said it would not speculate on the attack vector while the investigation remains underway.Bitget plans to p...