Bitget crypto hack triggers record $463M exchange outflow in a day

A major security breach at Bitget has triggered one of the fastest customer exits ever recorded on a crypto exchange, with roughly $463 million flowing out of the platform in a single day. The Bitget crypto hack, which drained $388 million from the exchange last week, has now set off a wave of withdrawals that data trackers say is unlike anything seen since proof-of-reserves monitoring began.

Key takeaways

• Bitget was hacked last week, with attackers stealing $388 million from the exchange.
• Customers pulled roughly $463 million in net assets off the platform within 24 hours after withdrawals resumed.
• DefiLlama says this is the largest one-day net outflow it has recorded since it began tracking proof-of-reserves four years ago.
• Despite the theft and the outflow surge, Bitget still holds about $5.7 billion in reserves.

Bitget Suffers $388 Million Crypto Hack

Bitget was hacked last week, and the breach resulted in a theft of $388 million, according to Bloomberg. The scale of the theft immediately raised questions about how much of the exchange’s reserves remained intact and whether customers would rush to pull their funds once withdrawals became available again.

For an exchange handling billions of dollars in customer assets, a theft of this size lands as a serious blow to confidence, even before any withdrawal activity begins. It’s the kind of event that tends to test, in real time, whether an exchange can absorb a shock without triggering a broader run on its reserves.