Bitget, one of the largest crypto exchanges, has just suffered a $351.6 million hot wallet drain following a major hack. The incident was initially flagged by Arkham Intelligence, which noted massive AVAX, BNB, ETH, and stablecoin withdrawals from said wallet, with subsequent swapping to ETH.
In a recent statement, Bitget CEO Gracy Chen said the incident was contained in a hot wallet, and that funds in its cold wallets were unaffected.
Additionally, she noted that Bitget would cover the fund loss in full through its User Protection Fund, which currently holds over $464 million.
Bitget $350M hack: updates so far
At the moment, Bitget has suspended withdrawals temporarily as it conducts a security review. Meanwhile, depositing and trading are ongoing as usual, and user balances on the exchange remain secure.
Furthermore, the exchange has flagged the receiving address and is working with law enforcement authorities and on-chain security firms in an attempt to recover the stolen funds. Bitget now expects to publish a full incident report within 24 hours, detailing how the incident happened and remediation measures.
Rank among crypto hacks of 2026
Bitget’s cyberattack now ranks as the biggest so far this year in terms of total funds lost. Following closely are the Liquid Network $320 million exploit and KeloDAO’s 292 million hack.
While the first half of the year broke the record for the total number of cybersecurity incidents in the crypto industry, losses recorded were much lower than those in previous years. The Bitget event, however, marks the single biggest point of failure this year.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
