News
Public · Published
Bitget's $351.6 million hack pushes September crypto losses to 2026 high
Bitget suspended withdrawals after unauthorized transfers took about $351.6 million from a limited number of its hot and warm wallets. The crypto exchange detected the transfers at 18:31 UTC on Sept. 24 and activated emergency response procedures within minutes, CEO Gracy Chen said.
Published:
Updated:
What happened
Bitget suspended withdrawals after unauthorized transfers took about $351.6 million from a limited number of its hot and warm wallets. The crypto exchange detected the transfers at 18:31 UTC on Sept. 24 and activated emergency response procedures within minutes, CEO Gracy Chen said.
Confirmed
Global impact / market context
Hot and warm wallets hold crypto connected to the internet or partly online, which makes them easier to access and steal from. Losing $351.6 million can reduce the cash available to repay customers, damaging trust in Bitget and possibly pressuring other exchanges.
Analyst inference
The article links this hack to September crypto losses reaching a 2026 high, meaning total stolen funds this year peaked that month. It follows other exchange breaches, so investors may question how safely platforms store customer crypto and whether withdrawals stay reliable.
Analyst inference
What to watch
- Bitget withdrawals are suspended after the unauthorized transfers, so customers cannot currently take out funds. Watch when the exchange restores withdrawals and whether customer balances remain fully available. Confirmed
- An emergency response procedure is a pre-planned action for limiting damage. Watch for details of which wallets were affected, how much was recovered, and whether Bitget covers losses from its own funds. Proposed
- If withdrawals stay closed or news of the hack spreads, customers may rush to remove crypto from other exchanges, pressuring their cash available and forcing asset sales. Stablecoin flows and exchange reserves would show this stress. Analyst inference