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The cryptocurrency exchange Bitget has confirmed a major hack: hackers withdrew more than $ 350 million in various tokens from the platform’s hot wallets. This was reported by the company’s CEO, Gracie Chen, who clarified that cold wallets—those stored offline—remain untouched.
The attack unfolded rapidly. Over the course of about an hour, approximately $ 183 million in ETH, USDT, USDC, AVAX, BNB, and other assets flowed from wallets associated with Bitget to a single new address. The first warning sign was a suspicious transaction: a newly created address spent $ 19.67 million in the USDT0 stablecoin to purchase 7,111 ETH in just six minutes via the decentralized services UniswapX and 1inch Fusion.
Significantly, the attackers overpaid by about 5% of the market price—a classic sign that the speed of the withdrawal was more important than getting a favorable exchange rate. ETH was not chosen by chance: unlike stablecoins, this asset is decentralized and virtually impossible to block or freeze.
Analysts at Bubblemaps and Arkham were the first to notice the suspicious activity, and the pseudonymous blockchain researcher DCF GOD documented the details of the transfers in real time on the social media platform X. About six minutes after the first suspicious transaction, the outflow of funds stopped—presumably, the exchange froze withdrawals while conducting an internal investigation. Some users confirmed this, complaining about blocked withdrawals.
Chen assured users that their funds are safe: all losses will be covered by the Bitget User Protection Fund, which currently stands at over $ 464 million. Back in 2023, the company established this $ 300 million reserve specifically in case of a hack or theft—and it has grown significantly since then.
Bitget is far from the first victim of such attacks. In February 2025, competitor Bybit lost $ 1.4 billion after hackers spoofed the transaction signing interface and intercepted a transfer from a cold wallet—marking the largest theft in cryptocurrency history. In total, in 2024, attackers siphoned off a combined $ 2.72 billion from exchanges and protocols.