Bitget Hit by $350 Million Exploit: Largest Crypto Hack of 2026

Bitget, one of the largest crypto exchanges, has just suffered a $351.6 million hot wallet drain following a major hack. The incident was initially flagged by Arkham Intelligence, which noted massive AVAX, BNB, ETH, and stablecoin withdrawals from said wallet, with subsequent swapping to ETH.

Source: Arkham Intelligence

In a recent statement, Bitget CEO Gracy Chen said the incident was contained in a hot wallet, and that funds in its cold wallets were unaffected. The attacker compromised a critical back-end system in the wallet infrastructure, spoofed transaction history, then triggered withdrawal authorization, all without private key access.

Bitget $350M hack: more updates

At the moment, Bitget has suspended withdrawals temporarily as it conducts a security review. Meanwhile, depositing and trading are ongoing as usual, and user balances on the exchange remain secure.

Furthermore, the exchange has flagged the receiving address and is working with law enforcement authorities and on-chain security firms in an attempt to recover the stolen funds. Bitget now expects to publish a full incident report within 24 hours, detailing how the incident happened and remediation measures.

Importantly, Chen has guaranteed that Bitget will cover the fund loss in full through its User Protection Fund, which currently holds over $464 million. The exchange has also taken proactive measures to prevent additional fund theft.