Bitget got hacked for $351.6M
withdrawals are frozen and everyone is asking the same questions
I went through their reserves, the protection fund and 13 exchange blowups since 2014...
(updating this when their 24h report drops)
► What happened
> Sep 24, 18:31 UTC: unauthorized transfers from hot + warm wallets
> ~$351.6M affected, $170M+ already swapped into ETH on-chain
> biggest crypto hack of 2026, biggest exchange hack since Bybit
> withdrawals paused, deposits and trading still work
> attack vector not disclosed yet
► Is my money safe?
Bitget says your balance is accurate and the full loss falls within its Protection Fund coverage
> fund: 5,500 BTC = ~$464M today
> the loss = 76% of it
> Sep 15 PoR: 135% reserves, ~$1B above user balances in BTC, ETH, USDT and USDC
(self-reported numbers, no independent audit)
on paper the hole is covered
► Will Bitget collapse?
history says it depends on how long withdrawals stay frozen
> Binance 2019, $40M: withdrawals back in ~1 week
> KuCoin 2020, $281M: BTC/ETH back in 11 days, 84% recovered
> Bybit 2025, $1.46B: never paused, 350K withdrawals in 10 hours
> DMM 2024, $305M: paid everyone, shut down 6 months later
> WazirX 2024, $235M: frozen 15 months, users got ~85%
► Should I withdraw?
you can't right now. when it reopens:
> expect a queue, every hack ends with a withdrawal wave
> keep on any exchange only what you actually trade with
> don't deposit what you might need this week
> ignore "withdrawal verification" DMs, phishing always follows a hack
> official info only:
@bitget and
@GracyBitget
► What happens to the market?
> BTC and ETH flat so far, BGB -8% then bounced
> exchange paid fast, BTC barely moved: worst dip within a week -0.5% (Binance), -2.9% (KuCoin), -2.5% (DMM)
> big exchange couldn't pay in full: -31% (Mt. Gox), -23% (Bitfinex), -24% (FTX)
> Bybit was covered in 72h and BTC still dipped 20% (biggest hack ever + macro)
Bitget's hole is 4x smaller than Bybit's
► Why did the hacker pay up to 5% above market for ETH?
USDT and USDC can be frozen by the issuer. ETH can't
so stolen stablecoins turn into ETH within minutes, whatever it costs
► Is Bitget Wallet affected?
the statement covers exchange hot and warm wallets. early reports about the Bitget Wallet app weren't confirmed
► Watch next 24h
> root cause report (promised within 24h)
> why on-chain showed ~$170M and the official number is $351.6M
> trackers flagged 1 cold wallet, Bitget says cold is safe
> the withdrawal reopening date
BTW. in Feb 2025 Bitget lent Bybit 40,000 ETH with zero interest after Bybit's hack
Bybit paid it back in 2 days
let's see who returns the favor...
One week before Uptober
they had to hack Bitget
they had to...