Bitget Hacked: $350 Million Drained From Crypto Exchange Wallets

Bitget, a major cryptocurrency exchange, has suffered a significant hack, with $350 million drained from its wallets across multiple blockchains in under an hour. The incident, which occurred on September 24, 2026, involved a newly created wallet siphoning funds from both hot and cold reserves labeled as belonging to Bitget.

Bitget CEO Gracy Chen announced the hack shortly after independent researchers flagged unusual wallet movements. The exchange has claimed that user funds are safe, but the incident has raised concerns about the security of crypto exchanges. CoinDesk independently reported the figure at $352 million, citing Chen's statement that the exchange's reserves cover the loss.

What Happened During the Hack?

The hack involved the transfer of funds from multiple blockchains, indicating a sophisticated attack. The newly created wallet was used to drain the funds, which were then moved to various other wallets. The exact method of the hack has not been disclosed, but it highlights the vulnerabilities that exist in crypto exchange security.

Why the Timing Matters

This hack comes at a time when crypto exchanges are increasingly under scrutiny for their security measures. With the rise of institutional investment in crypto, the need for robust security protocols has become more critical than ever. Bitget's recent talks with Wall Street firms for Asian tokenized ETF distribution [/articles/2026-09-03-bitget-in-talks-with-blackrock-and-other-wall-street-firms-for-asian-tokenized-e] add another layer of complexity to the situation, as institutional investors will be particularly concerned about the safety of their funds.

What It Means for Crypto Users

For crypto users, this incident serves as a reminder of the importance of security in the crypto space. While Bitget has claimed that user funds are safe, the hack underscores the need for exchanges to implement stronger security measures. Users should consider using hardware wallets for storing large amounts of cryptocurrency and be vigilant about the security practices of the exchanges they use. Additionally, the incident highlights the ongoing risks in crypto security, as seen in previous hacks such as the one affecting the Cosmos-based Gravity Bridge [/articles/2026-05-30-cosmos-gravity-bridge-hacked-54m-in-crypto-stolen].

What to Watch Next

In the aftermath of the hack, users should monitor Bitget's official communications for updates on the investigation and any steps being taken to enhance security. The exchange's ability to recover the stolen funds and implement stronger security measures will be crucial in maintaining user trust. Additionally, the broader crypto community should watch for any regulatory responses to this incident, as it may prompt calls for stricter security standards for crypto exchanges.

For more on crypto exchange security, see our coverage of the Coinbase Quantum Report.