Bitget Hack 2026: $351.6M Gone, a Bitcoin-Backed Fund

One of the world’s largest crypto exchanges just lost more than a third of a billion dollars in a few hours, and now Bitcoin is paying the bill. If you’re new to crypto, Bitget is a major trading platform where millions of people buy and store coins, so this now ranks as 2026’s biggest crypto theft. Here’s what happened, why Bitget’s promise to cover everything depends on Bitcoin’s price, and what users should know right now.

What Happened, Hour by Hour

• 18:31 UTC, September 24: Bitget’s security systems detect unauthorized transfers from its hot wallets.
• Within minutes: The attacker swaps 19.67 million USDT, a stablecoin pegged to the US dollar, into about 7,111 ETH in roughly six minutes.
• Over the next two hours: USDC, ETH, BNB, AVAX, and XAUT (a token backed by gold) flow into a new address across several blockchains, including Arbitrum and Avalanche.
• Around 20:30 UTC: Blockchain analysts flag $178 million to $190 million in suspicious outflows.
• Around 21:30 UTC: Bitget confirms the real figure is about $351.6 million, nearly double the early estimates.

Soon after, CEO Gracy Chen posted the security notice on X and promised hourly updates. She also added: “We will not run from this. Every dollar and every decision will be accounted for, transparently and in full.”