Crypto · updated 1h ago · 2 min read
Bitget CEO Gracy Chen Says Hackers Moved $351.6 Million From Hot Wallets, Pauses Withdrawals
$351.6 million moved from Bitget hot wallets in a suspected hack. Withdrawals were suspended pending security review.
Whether the core loss is $180M or $351.6M.
5 of 6 outlets skipped it: attacker controls 24,590 ether across three breach-created wallets.
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Same story, two versions
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Bitcoin Magazine
“An estimated $351.6 million in crypto has been moved from digital asset exchange Bitget’s hot wallets in a suspected hack.”Read the original ↗
Decrypt
“ALERT: 🚨 Bitget potentially hacked Bitget wallets just sent $180M across multiple chains to a single destination:”Read the original ↗
Bitcoin Magazine estimates a larger move as the core figure, while Decrypt leads with an initial $180M alert from on-chain analysts.
Bitget hack, withdrawals paused
Bitget CEO Gracy Chen said Bitget’s security systems detected unauthorized transfers from some of its hot wallets at 18:31 UTC on September 24, 2026, and the exchange activated emergency response protocols immediately. Bitget said cold wallets remained fully secure and that deposits and trading remained online, while it temporarily paused withdrawals until a security review was complete.
Arkham Intelligence analyst Emmett Gallic said the transactions involved three Bitget hot wallets and one cold wallet across multiple blockchains, with the funds consolidated into a single address. Bitget’s User Protection Fund was described as holding over $464 million, and Bitget said it was covering the $351.6 million exposure it reported after the breach.
How much was moved
Independent blockchain researchers and on-chain tracking accounts flagged unusual wallet movements, and one early figure cited that around $183 million in digital assets had moved from wallets labeled as belonging to the exchange. Bitget later reported that $351.6 million was exposed to the breach, and the exchange said unauthorized transfers came from some of its hot wallets while user funds were safe.
InvestingLive said the attacker still controlled roughly 24,590 ether across three wallets created during the breach, and it described that as a potential source of selling pressure on ETH if the funds were sold rather than laundered through privacy tools. InvestingLive also said BGB was trading around $1.963, about 3% to 5% below its $2.02 to $2.06 range before the hack, while withdrawals remained frozen.
Suspected links and next test
Bitget CEO Gracy Chen said the exchange suspected North Korean hackers could be behind the $351.6 million security breach, and she cited preliminary findings that linked IP addresses to VPN services used by a North Korean group. Chen said the exchange did not believe the breach was the work of an insider, and she said investigators were still determining which systems had been compromised and how the attackers gained access.
InvestingLive said withdrawals remained frozen and that the real test would come when withdrawals reopened, because BGB’s price might not face a full test until customers could move their money out. CoinDesk said Bitget was “temporarily” pausing withdrawals until a security review could be completed, keeping deposits and trading online while the incident report was promised.