Bitget Confirms $351.6 Million Loss Following Exchange Hack
The latest in this situation
- Attackers compromised critical backend systems involving Ethereum and Bitget.
- A Seychelles-based cryptocurrency exchange is facing issues due to unusual movements on multiple networks, including Ethereum.
- Bitget handled Avalanche transfers during a security breach, with CEO Gracy Chen involved.
- Bitget CEO Gracy Chen confirmed the financial losses resulting from a recent hack.
How it started
What happened
On September 24, 2026, Bitget confirmed that hackers drained approximately $351.6 million from its hot and warm wallets. The CEO, Gracy Chen, stated that the offline cold wallets remain secure and that the breach was limited to parts of the exchange's three-tier wallet system. Withdrawals for all users have been suspended pending security measures.
From investinglive.com
Why it matters
The loss, which is possibly 2026's largest crypto heist, has caused Bitget's own token, BGB, to fall roughly 5%. While the broader crypto market is up nearly 10%, the frozen withdrawals pose a risk to sentiment regarding other centralized exchanges.
From investinglive.com
Who's involved
- GPUFormer American energy company
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GPUSpeculative
The market rate dependency of GPU pricing might be compromised by the operational failure and withdrawal freeze at Bitget.
How it developed
Newest first. Tap a step to see who reported it.- A Seychelles-based cryptocurrency exchange is facing issues due to unusual movements on multiple networks, including Ethereum.Sub-event
- Bitget handled Avalanche transfers during a security breach, with CEO Gracy Chen involved.Sub-event
Gracy Chen confirmed the financial losses incurred by Bitget following a hack.1 source