Bitget Hit by $351M Hot Wallet Breach; Binance Lists HYPE
Bitget detected unauthorized transfers from some hot wallets on September 24, totaling approximately $351.6 million, and suspended withdrawals while its user protection fund remained intact. Binance listed Hyperliquid's HYPE token for spot trading with a Seed Tag. The Federal Reserve opened a public comment period on GENIUS Act proposals for stablecoin issuers.
Bitget's security systems flagged unauthorized transfers from a limited number of hot wallets at 18:31 UTC on September 24, prompting immediate emergency protocols and a full investigation. Withdrawals were suspended, though the exchange's User Protection Fund, holding more than $464 million, was not compromised, leaving a financial buffer for affected customers.
In separate developments, Binance added Hyperliquid's HYPE token to spot trading with a Seed Tag designation, which flags newer assets with higher volatility for users. Meanwhile, the Federal Reserve opened a public comment period on GENIUS Act proposals, which would establish reserve, capital, and approval requirements for Board-supervised stablecoin issuers.
The Bitget breach could erode trust in centralized exchange security, though the untouched protection fund may reassure users that safeguards exist. The Binance listing could boost HYPE's liquidity and visibility, while the Fed's stablecoin framework may reshape issuer operations, potentially affecting millions of crypto users and institutional players who depend on stablecoins for payments and trading activity.