Bitget Records $463M Outflows Following $388M Security Breach
Key Facts
Bitget recorded net outflows of $463 million following a major security breach that compromised its infrastructure. Crypto Briefing reported that updated estimates suggest the value of stolen assets from the exchange could reach up to $388 million, triggering a significant flight of capital.
The massive outflows are driven by eroding user confidence after the exchange's wallet infrastructure was compromised four days ago, with initial investigations pointing toward external threat actors. This incident has placed ongoing pressure on the exchange's liquidity.
Latest Updates · 12
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Update: Subsequent investigations found that attackers accessed wallet systems through third-party security products. Reports confirmed that cold wallets remained unaffected and private keys were not compromised during the incident.
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Update: Mandiant linked the Bitget security breach to unauthorized access of third-party security devices. The cybersecurity firm stated that this breach of external devices occurred prior to the compromise of the exchange's hot and warm wallets.
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Update: SlowMist linked the September 25, 2026, attack to the exploitation of a zero-day flaw. The security firm stated that threat actors utilized a custom tool during an operation that lasted nearly three hours to execute the breach.
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Update: Attackers have begun moving the stolen assets through CoW Protocol to convert them into Bitcoin using the Chainflip platform. These technical maneuvers are part of efforts to liquidate the funds seized from the exchange on September 26, 2026.
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Update: Bitget CEO Gracy Chen expressed skepticism regarding the recovery of the $387.5 million in stolen assets. This statement underscores the severity of the losses following the breach of the exchange's infrastructure on September 25, 2026.
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Update: Bitget's user protection fund has dropped from $464 million to below $200 million following the recent breach. This sharp decline in emergency reserves raises further concerns regarding the exchange's capacity to compensate affected users and secure remaining assets.
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Update: Bitget CEO Gracy Chen stated that the recovery of the $388 million in stolen assets is unlikely. Chen noted that this assessment is based on historical benchmarks for such incidents, further heightening concerns regarding the finality of the losses.
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Update: Bitget has resumed Bitcoin (BTC) withdrawals following a temporary pause implemented after the security breach. Upon reopening the service, the exchange recorded an outflow of 3,326 BTC, highlighting sustained withdrawal pressure as users regained access to their assets.
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Update: Bitget reopened Bitcoin (BTC) withdrawals on September 29, 2026, triggering an immediate wave of redemptions. The exchange recorded an outflow of 3,326 BTC within the first hour of resumption as users continued to migrate their assets.
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Update: The Bitget security breach has triggered structural changes in the cross-chain market, causing it to split into two distinct product categories. This shift follows a comprehensive re-evaluation of industry security standards in the wake of the incident.
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Update: Bitget's CEO stated that a full recovery of the stolen funds is unlikely at this stage. The exchange has launched a bounty program offering rewards for the freezing or recovery of assets taken during the security breach.
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Update: Bitget CEO Gracy Chen stated she is not optimistic about recovering the $388 million in stolen assets. Chen noted the low likelihood of freezing or retrieving the funds, further heightening concerns regarding the finality of the losses from the breach.