Crypto
Home›Crypto›Market Structure›Bitget says $350 million drained from hot wallets in a…
Bitget says $350 million drained from hot wallets in a confirmed hack
Bitget CEO Gracy Chen said the loss is covered by a User Protection Fund with over $464 million, while cold wallets remain fully secure.
Bitget said a confirmed hack resulted in more than $350 million in crypto assets being drained from exchange wallets, with the activity concentrated in hot wallets used for everyday withdrawals and trading, according to CEO Gracy Chen, as reported by Decrypt.
Chen said Bitget cold wallets, which are held offline, were fully secure and that user funds are safe, adding that the full loss falls within the exchange's User Protection Fund, which holds over $464 million.
The exchange’s security systems detected unauthorized transfers from some hot wallets at 18:31 UTC on September 24, 2026, and Bitget’s team activated emergency response protocols, according to the report.
The article says on-chain investigators initially flagged unusual activity as potentially linked to Bitget, and that within about an hour, roughly $183 million moved from wallets labeled as belonging to the exchange into a newly created address.