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A major setback for Bitget. The crypto exchange platform announced on September 24 that “unauthorized transfers” had drained approximately $351.6 million in cryptocurrencies. The immediate response: a total suspension of withdrawals while they investigate what happened.
No details are available yet on the exact nature of the breach. Bitget has not disclosed how the attackers operated or how long they had access to the systems. This lack of transparency, whether intentional or not, is already fueling speculation on social media — and frustration is mounting among users who are unable to access their funds.
Cold Wallets Unaffected, But Withdrawals Blocked
Bitget is keen to reassure on one point: its “cold” wallets, which store assets offline, were not affected. This is good news on paper. However, it doesn’t change much for users who want to withdraw their funds now and cannot.
The phrase circulating on Twitter and Telegram since the announcement sums up the mood: “Your funds are safe, but you can’t touch them.” Sarcasm, frustration, distrust — the usual mix when a platform suspends withdrawals without providing a clear timeline. Bitget has not said how long this will last. No date. No window. Nothing.
And it’s precisely the lack of clear communication that is crystallizing tensions. Users don’t know when they will be able to recover their assets. This leaves room for all sorts of rumors.
5,500 Bitcoins in a Protection Fund — If It Really Exists
To compensate for the losses, Bitget says it wants to activate its “user protection fund.” The fund supposedly contains 5,500 bitcoins, equivalent to about $464 million. In theory, that’s more than the $351.6 million stolen. In theory.
But some users are skeptical. Not just about the crisis management — about the very existence of this fund. Questions are circulating about its actual composition, the effective liquidity of these bitcoins, and the conditions for activation. Bitget has not yet provided on-chain evidence or an independent audit to support its figures. It remains unclear.
This is probably the most sensitive point of the entire affair. A protection fund is reassuring on paper. But if users cannot verify its existence, it becomes just a press release.
The Biggest Hack of 2026, Surpassing Liquid
Bitget, founded in 2018, claims over 120 million users worldwide. A major platform. And this hack surpasses anything we’ve seen this year — including the attack on Liquid in early September, which cost $319 million. Bitget now leads a ranking that no one wants to be part of.
The year 2026 is shaping up poorly for the sector. Liquid, KelpDAO, and now Bitget — major incidents are piling up, and every time it’s the same story: suspension of withdrawals, promises of reimbursement, angry users. Trust in centralized exchanges is taking regular hits, and advocates of self-custody have more and more arguments to make.
Bitget also has a regulatory history that is resurfacing in discussions. The AMF — the French Financial Markets Authority — had placed it on its blacklist in 2023 for unregistered activity in France. Bitget was removed from the list in July 2026. But this past lingers in memories, especially in a crisis moment where trust is already fragile.
French users remember. And even those who aren’t aware of the AMF episode are discovering it now, widely shared in discussion threads on social networks.
No details either on the corrective measures Bitget plans to implement to prevent this from happening again. We know what was lost. We still don’t know how it happened, or what changes are being made.
$351.6 million. 5,500 bitcoins in a fund whose existence is disputed. 120 million users blocked. And a timeline for the resumption of withdrawals that remains, for now, completely unknown.
Frequently Asked Questions
How does Bitget plan to compensate users affected by the hack?
Bitget says it wants to activate its “user protection fund,” which supposedly contains 5,500 bitcoins valued at approximately $464 million. However, users are skeptical about the fund’s actual existence due to the lack of verifiable evidence.
What is the total amount stolen during the Bitget hack on September 24, 2026?
Approximately $351.6 million in cryptocurrencies were stolen through “unauthorized transfers,” making it the largest crypto hack of 2026, surpassing the Liquid attack in early September ($319 million).
Are Bitget users’ funds safe?
Bitget assures that its cold wallets (offline storage) were not affected. However, all withdrawals remain suspended without a clear timeline for resumption, preventing users from accessing their assets.
Why It Matters
The significant loss and subsequent withdrawal freeze at Bitget raise concerns about the security protocols in place at cryptocurrency exchanges, particularly as the industry grapples with regulatory scrutiny and the need for increased transparency. This incident could further erode user trust and confidence in centralized platforms, potentially driving investors towards decentralized alternatives and amplifying calls for stricter security measures across the sector. The lack of detailed communication from Bitget may also exacerbate market volatility as traders react to uncertainty surrounding the exchange's operational integrity.
