Bitget Confirms $387.5 Million Stolen in Hack as Withdrawals Remain Suspended
Key Facts
Bitget confirmed that attackers stole $387.5 million from exchange wallets on September 24. BeInCrypto reported that withdrawals remain suspended on the platform, while the company stated its protection fund covers the losses.
The security breach led to a massive drain of funds from both hot and cold wallets after internal systems reportedly approved unauthorized transactions. These developments have increased counterparty risk concerns, despite the exchange's assurances regarding the protection fund's coverage.
Latest Updates · 6
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Update: Bitget clarified that the cyberattack specifically targeted XRP, Ether, and stablecoins. The platform announced plans to restart withdrawals in stages following system integrity checks after the September 24, 2026, security breach.
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Update: Bitget announced it will reopen Bitcoin BTC withdrawals this coming Monday, September 28, 2026. Meanwhile, the hacker was reported to have withdrawn $1.23 million in Ether ETH via the Binance exchange.
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Update: Bitget clarified on September 26, 2026, that deposit and trading services remain fully operational on the platform. This confirmation indicates that current restrictions are limited to external withdrawals while internal investment activities continue.
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Update: Bitget CEO Gracy Chen affirmed that the company is proceeding with its initial public offering (IPO) plans. Chen stated that the strategic move remains on track despite the recent security breach that resulted in a $387.5 million loss on September 24, 2026.
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Update: Bitget raised its total loss estimate from the breach to $388 million on September 25, 2026, after accounting for additional Zcash and TRON transfers. The exchange stated it will announce the status of suspended withdrawals by midnight ET.
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Update: Cybersecurity firms Mandiant and SlowMist are currently leading the forensic investigation into the breach to determine how the hack occurred. These specialized firms are working to track the stolen funds and examine the exchange's internal systems.