Verified

Bitget Suspends Withdrawals Following $351 Million Wallet Breach

r/Technology •

Darom AI September 25, 2026

Cryptocurrency exchange Bitget has suspended customer withdrawals following a security breach that resulted in the unauthorized transfer of approximately $351.6 million from its hot and warm wallet infrastructure. The incident was detected by the platform's security systems at 18:31 UTC on September 24, 2026, prompting an immediate emergency response. According to Bitget Chief Executive Gracy Chen, the attackers compromised a critical backend system within the wallet architecture, utilizing it to spoof transaction data and trigger authorization processes to move funds off the platform. While withdrawals remain temporarily frozen as a precautionary measure, Bitget confirmed that deposits and trading continue to operate normally. Exchange executives stated that customer account balances remain accurate and that the platform's cold wallets were unaffected by the intrusion, remaining fully secure.

Investigation and Asset Recovery Efforts

In the wake of the breach, Bitget enlisted third-party cybersecurity specialists, including Mandiant and SlowMist, to conduct a comprehensive forensic investigation into the vector of attack. Blockchain analytics firms observed that approximately $183 million of the stolen assets were rapidly swapped into Ether following the transfers. Chen noted that the exchange has coordinated with the foundations of all affected blockchain networks—spanning networks such as Ethereum, Arbitrum, Avalanche, and the XRP Ledger—resulting in the freezing of several hacker-controlled wallet addresses. Based on preliminary on-chain analysis and IP behavior patterns, investigators and industry observers have highlighted similarities to techniques historically utilized by North Korean threat groups. Bitget has promised a full incident report detailing the root-cause analysis and corrective actions once the investigation concludes. No definitive timeline has been provided for the resumption of withdrawals, with management reiterating that functionality will only be restored after a thorough safety review is completed.

Impact on the User Protection Fund

To mitigate user anxiety regarding solvency, Bitget emphasized that the entire financial loss is fully absorbed by its User Protection Fund, which holds more than $464 million. The exchange maintains a three-tier wallet architecture separating hot, warm, and cold storage, which officials credit with containing the scope of the exploit. The security breach stands as one of the most substantial centralized exchange exploits of 2026, redirecting industry focus toward hot-wallet vulnerability management and backend authorization security. Founded in 2018, Bitget operates globally as one of the prominent digital asset trading platforms.

Fact Check Analysis AI Verified

--- > **Claim:** Cryptocurrency exchange Bitget suspended customer withdrawals following a security breach that resulted in the unauthorized transfer of approximately $351.6 million from its hot and warm wallet infrastructure. - **Verdict:** Verified - **Analysis:** Search evidence confirms that Bitget suffered a security breach resulting in the theft of approximately $351.6 million from its hot/warm wallet infrastructure, prompting the exchange to suspend customer withdrawals. [Forbes](https://www.forbes.com/sites/boazsobrado/2026/09/24/bitget-hack-of-3516-million-triggers-a-withdrawal-freeze/) --- --- > **Claim:** The incident was detected by the platform's security systems at 18:31 UTC on September 24, 2026. - **Verdict:** Verified - **Analysis:** Official security notices and news reports confirm the breach was detected by Bitget's security systems precisely at 18:31 UTC on September 24, 2026. [bitget.com](https://www.bitget.com/support/articles/12560603896024) --- --- > **Claim:** Bitget Chief Executive Gracy Chen stated that the attackers compromised a critical backend system within the wallet architecture, utilizing it to spoof transaction data and trigger authorization processes to move funds off the platform. - **Verdict:** Verified - **Analysis:** Statements from Bitget and CEO Gracy Chen confirm that the attack involved compromising a critical backend wallet system to spoof transaction data and trigger unauthorized fund transfers. [The Hacker News](https://thehackernews.com/2026/09/bitget-says-suspected-north-korean.html) --- --- > **Claim:** Deposits and trading continue to operate normally while withdrawals remain temporarily frozen, and customer account balances remain accurate with cold wallets unaffected. - **Verdict:** Verified - **Analysis:** Company updates verify that while withdrawals were temporarily paused, deposits, trading, and core platform functions continued normally, customer accounts remained accurate, and cold wallets stayed secure. [The Hacker News](https://thehackernews.com/2026/09/bitget-says-suspected-north-korean.html) --- --- > **Claim:** Bitget enlisted third-party cybersecurity specialists, including Mandiant and SlowMist, to conduct a comprehensive forensic investigation. - **Verdict:** Verified - **Analysis:** Reports confirm that Bitget brought in independent cybersecurity firms Mandiant and SlowMist to handle the forensic investigation. [Binance Square](https://www.binance.com/en/square/post/09-25-2026-bitget-ceo-gracy-chen-says-mandiant-and-slowmist-are-investigating-security-incident-370403091589073) --- --- > **Claim:** Approximately $183 million of the stolen assets were rapidly swapped into Ether following the transfers. - **Verdict:** Verified - **Analysis:** On-chain analytics and reports confirm that roughly $183 million (around 67,982 ETH) of the stolen funds on EVM chains were quickly swapped into Ether. [Binance Square](https://www.binance.com/en/square/post/09-25-2026-bitget-attacker-has-converted-most-stolen-funds-on-evm-chains-into-eth-worth-about-183-million-370332048761017) --- --- > **Claim:** Bitget coordinated with foundations of affected blockchain networks—spanning Ethereum, Arbitrum, Avalanche, and the XRP Ledger—resulting in the freezing of several hacker-controlled wallet addresses. - **Verdict:** Verified - **Analysis:** Reports verify that Bitget coordinated across multiple blockchain network ecosystems (including Ethereum, Arbitrum, Avalanche, and XRP Ledger) to freeze hacker-controlled addresses. [The Hacker News](https://thehackernews.com/2026/09/bitget-says-suspected-north-korean.html) --- --- > **Claim:** Investigators and industry observers have highlighted similarities to techniques historically utilized by North Korean threat groups based on preliminary on-chain analysis and IP behavior patterns. - **Verdict:** Verified - **Analysis:** CEO communications and preliminary investigative findings point toward North Korean threat actors based on IP behavior and on-chain tradecraft. [The Hacker News](https://thehackernews.com/2026/09/bitget-says-suspected-north-korean.html) --- --- > **Claim:** The entire financial loss is fully absorbed by Bitget's User Protection Fund, which holds more than $464 million. - **Verdict:** Verified - **Analysis:** Bitget's official statements confirm that the exchange intends to fully cover the loss using its User Protection Fund, which holds over $464 million. [Moneyweb](https://www.moneyweb.co.za/moneyweb-crypto/crypto-exchange-bitget-says-hackers-stole-352m/) --- --- > **Claim:** Bitget maintains a three-tier wallet architecture separating hot, warm, and cold storage. - **Verdict:** Verified - **Analysis:** Company documentation and architecture overviews confirm Bitget utilizes a three-tier storage system separating hot, warm, and cold wallets. [BleepingComputer](https://www.bleepingcomputer.com/news/security/hackers-steal-3516-million-in-bitget-crypto-exchange-hack/amp/) --- --- > **Claim:** Bitget was founded in 2018 and operates globally as one of the prominent digital asset trading platforms. - **Verdict:** Verified - **Analysis:** Background records on Bitget confirm its founding year as 2018 and its status as a major global digital asset exchange. [Bitget Exchange Review](https://cryptoslate.com/crypto-exchanges/bitget-exchange-review/) ---

AI Research Queries

🔍 Bitget hack detection time timestamp September 24 2026 18:31 UTC
🔍 Bitget hack Mandiant SlowMist cybersecurity investigation
🔍 Bitget hack stolen assets swapped into Ether 183 million
🔍 Bitget User Protection Fund size 464 million solvency

Investigation and Asset Recovery Efforts

Impact on the User Protection Fund

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