Cryptocurrency exchange Bitget has reported a major security incident involving approximately $351.6 million in digital assets, after its security system detected unauthorized transfers from several hot wallets on September 24, 2026.
According to Bitget, the unusual activity was detected at 18:31 UTC. The exchange said it immediately activated its emergency response procedures and launched an investigation into the incident. The company has not yet disclosed the specific cause of the security breach or explained how the unauthorized transfers were carried out.
The incident has drawn attention across the cryptocurrency industry because of the significant amount of assets involved. However, Bitget stated that its cold wallets and the majority of assets held on the platform were not affected.
Bitget Says User Assets Remain Protected
Following the incident, Bitget said that user account balances remain accurate and that customer assets are protected. The exchange also highlighted its User Protection Fund, which it says currently holds more than $464 million.
According to the exchange, the size of the protection fund is sufficient to cover the approximately $351.6 million in assets affected by the incident. This statement is intended to reassure users that the reported loss will not necessarily translate into losses for individual customers.
However, the investigation is still ongoing, meaning several important details remain unconfirmed. The exact nature of the affected assets, the full scope of the unauthorized activity, and the technical method used to move the funds have not yet been publicly established.
Withdrawals Temporarily Suspended
As part of its emergency response, Bitget temporarily suspended withdrawals while it carried out additional security checks.
The exchange said that deposits and trading remained operational, allowing users to continue trading on the platform while the investigation and security procedures were underway.
Temporarily restricting withdrawals is a common emergency measure for cryptocurrency exchanges following suspicious wallet activity. It can give security teams additional time to investigate transactions, review wallet infrastructure, and determine whether further unauthorized activity could occur.
Bitget has also stated that the addresses associated with the suspicious transactions have been identified and flagged. The exchange said the addresses were reported to law enforcement agencies and on-chain security firms to assist with tracking the transferred assets.
On-Chain Monitoring Detected Unusual Activity
The incident was also noticed by blockchain monitoring and security firms before Bitget published its official announcement.
Initial on-chain reports suggested that the amount transferred during the suspicious activity could have been lower than the figure later provided by Bitget. The difference highlights the difficulty of calculating the total value involved in a rapidly developing blockchain incident, particularly when multiple assets and wallets are involved.
Blockchain transactions are publicly visible, but determining the precise value and ownership of transferred assets can require additional analysis. Asset prices can also change significantly during an investigation, potentially affecting estimates of the total value involved.
Cause of the Incident Remains Unknown
One of the most important unanswered questions is how the unauthorized transfers were possible.
At this stage, Bitget has not publicly disclosed the attack vector or root cause. There is therefore not enough confirmed information to determine whether the incident resulted from a compromised private key, a software vulnerability, an operational security issue, or another method.
It is important not to draw conclusions before Bitget completes its investigation. Security incidents involving cryptocurrency exchanges can involve multiple layers of infrastructure, and early on-chain observations may not reveal the underlying source of a compromise.
Bitget Promises a Full Investigation Report
Bitget said it will continue providing updates as the investigation progresses. The exchange has also indicated that it plans to release a full report covering the root cause of the incident and the remediation measures taken afterward.
For cryptocurrency users, the incident once again highlights the importance of exchange security, wallet management, and transparency during major security events. While Bitget says its protection fund is sufficient to cover the reported affected amount and that user balances remain accurate, the final assessment will depend on the results of the ongoing investigation.
Until more technical details are released, the $351.6 million figure and other information should be understood as part of Bitget’s current official account of the incident. Further findings from Bitget, blockchain security firms, or law enforcement could provide additional clarity about what happened and how the affected assets were moved.
The cryptocurrency community will likely continue monitoring the addresses connected to the incident and waiting for Bitget’s final investigation report. The exchange’s upcoming disclosures should provide a clearer picture of the attack vector, the exact assets involved, and the measures implemented to prevent a similar incident in the future.
