Bitget has reportedly suspended withdrawals after reporting an estimated USD 351.6 million in unauthorised transfers from some of its wallets.
Withdrawals have been paused while a security review is carried out, although deposits and trading continue to operate. In a post on X, the company's chief executive stated that the full amount of the loss falls within the coverage of Bitget's User Protection Fund, which currently holds more than USD 464 million.
Scope of the breach
Bitget operates a three-tier wallet architecture. According to the company, the breach was confined to portions of its hot-wallet and warm-wallet layers, while its cold wallets remained secure. The exchange has therefore framed the incident as limited to specific segments of its infrastructure rather than affecting its full asset base.
The exchange has not disclosed how the attackers gained access. The company said it would not speculate on the attack vector until the investigation is complete. It has committed to publishing a full incident report, including a root cause analysis and corrective actions, within 24 hours of its initial statement.
Role of the User Protection Fund
Based on the figures provided by the company, the reported loss represents roughly 76% of the fund's stated holdings, leaving a balance of approximately USD 112 million if the full amount is drawn. Bitget has presented the fund as the mechanism through which customers will be shielded from the loss, with the chief executive stating that user funds are safe.
No specific date has been given for the resumption of withdrawals. The company said they will be restored once the security review is complete. Keeping deposits and trading active while restricting withdrawals allows the exchange to maintain operations while limiting asset outflows during the investigation.
A series of security incidents
The Bitget breach adds to a sequence of recent attacks that have placed crypto cybersecurity under renewed scrutiny. Earlier in September 2026, USD 320 million worth of Bitcoin was drained from a wallet used by Liquid Network. In August 2026, the hack of Coldcard, an offline Bitcoin wallet, raised questions about the safest way to store the digital asset.
Combined, the Bitget and Liquid Network incidents account for more than USD 670 million in reported losses within a single month. The cases also span different parts of the ecosystem, from exchange-operated wallet infrastructure to offline storage, indicating that security concerns are not confined to one type of custody model.
For Bitget, the forthcoming incident report is expected to provide the first detailed account of how the breach occurred and what corrective measures the exchange intends to introduce. The findings are likely to inform how the incident is assessed by users and the wider market.
