Bitget's Hot Wallet Runs a $351.6M Tab
Cold wallets stayed cold. The hot wallet ran a $351.6M fever. The User Protection Fund had the medicine.
Bitget’s systems caught the odd transfers at 18:31 UTC on September 24, 2026[1]. About $351.6 million was hit[2]. Cold wallets stayed safe, Bitget said, and only part of the hot and warm layers was touched[3]. The response team was up within minutes and flagged the bad addresses[4][5]. It called in the police and on-chain safety firms[6]. Deposits and trading kept running while payouts were paused to be safe[7][8].
What to do: no action needed. Bitget said its User Protection Fund holds over $464 million and covers the whole loss[9]. Each account balance is right, and payouts come back when the review ends[10][11].
Who gains, who loses
Receipts
Bitget detected unauthorized transfers from some of its hot wallets at 18:31 UTC on September 24, 2026.
“At 18:31 UTC on September 24, 2026, Bitget's security systems detected unauthorized transfers from some of our hot wallets.”
Bitget estimated that approximately $351.6 million in funds were affected.
“Estimated funds affected: approximately $351.6 million”
Bitget said its cold wallets remained secure and that the breach affected only part of its hot-wallet and warm-wallet layers.
“Cold wallets remain fully secure. Bitget operates a three-tier wallet architecture — the breach contained only a portion of the hot wallet and warm wallet layers.”
Bitget activated its emergency response team within minutes of detecting the unauthorized transfers.
“Emergency response team activated within minutes of detection”
Bitget identified, flagged, and reported the abnormal transfer addresses.
“Abnormal transfer addresses identified, flagged, and reported”
Bitget notified law enforcement and on-chain security firms about the incident.
“Law enforcement and on-chain security firms have been formally notified and are engaged”
Bitget kept deposits and trading operational while withdrawals remained paused.
“Deposits and trading remain fully operational”
Bitget temporarily suspended withdrawals as a precaution while its security review was pending.
“Withdrawals temporarily suspended as a precautionary measure, pending security review”
Bitget said the loss was covered by its User Protection Fund, which held over $464 million.
“User funds are safe. The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464 million”
Bitget said customer account balances were accurate and assets were protected.
“Your account balances are accurate and your assets are protected”
Bitget said withdrawals would be restored after the security review was complete.
“Withdrawals are temporarily paused and will be restored as soon as the security review is complete”
Cabal Desk is reporting, written with AI under human oversight. Every bracketed number opens its receipt: the source, the quoted span, the hash. Headlines and characterisations are commentary; the sourced facts are the receipts. Not investment advice. Corrections log. Editorial & legal.