Bitget Crypto Exchange Suffers Massive $351.6 Million Security Breach
Popular crypto exchange Bitget suffered a massive $351.6 million hack from its hot wallets. CEO Gracy Chen assured that user funds are safe and covered by the platform's protection fund.
Cryptocurrency exchange Bitget suffered a massive security breach, losing approximately $351.6 million from its hot wallets in a sophisticated cyberattack. The dramatic event was first exposed by the blockchain community using public ledger data before the platform officially announced any freeze on withdrawals.
According to blockchain analytics firm Lookonchain, the hackers quickly moved to launder the stolen funds—which included tens of millions of XRP, USDT, and gold-backed tokens—by converting them into roughly 68,000 Ethereum tokens valued at about $183 million, facilitating asset obfuscation.
Bitget CEO Gracy Chen rushed to broadcast a live stream on X to contain the damage and curb widespread panic. "User funds are safe," Chen assured, emphasizing that the staggering loss is fully covered by the exchange's protection fund, which holds over $464 million.
She noted that preliminary investigations point to digital fingerprints linked to state-sponsored hacker groups operating out of North Korea. Chen pledged full transparency to clients, adding that every single decision and dollar will be accounted for.
The painful breach comes at a time of peak success for Bitget. Back in July, the universal crypto exchange (UEX) reported stellar achievements in Q2 2026 according to a TokenInsight report, leading TradFi trading arenas with a massive $70 billion in perpetual futures volume. This dizzying success evidently drew unwanted attention from hostile actors.
