Bitget hack losses reach $387.5M as protection fund covers all
Bitget detected unauthorized transfers on Sept. 24 and later revised the loss to $387.5 million from hot and warm wallets; cold storage and private keys were not compromised. The stolen assets included about 103 million XRP, plus ETH and USDT, and the exchange's $464 million User Protection Fund will cover all losses. CEO Gracy Chen said Bitget still aims to go public within three years despite the breach.
Bitget spotted the unauthorized transfers on Sept. 24 at 18:31 UTC. Nineteen withdrawals came from hot and warm wallets, while cold storage stayed untouched. Attackers reportedly accessed a backend wallet system and falsified transfer data, causing the signing process to approve transactions. Private keys were ruled out as compromised.
The loss estimate moved from about $183 million on-chain to Bitget’s initial $351.6 million, then to $387.5 million after more stolen assets were traced on Zcash and TRON. Roughly 103 million XRP, valued near $157 million, plus ETH, USDT and other tokens across several networks were taken. Bitget’s $464 million protection fund covers all losses, leaving about $76 million.
The breach may affect Bitget users who rely on exchange liquidity, though the protection fund could reduce immediate financial harm. It may also shape public trust in centralized crypto platforms, prompting some traders to reassess custody choices. Wider effects could include calls for stronger operational safeguards and disclosure practices, but the incident is unlikely to determine crypto’s broader trajectory on its own.