Bitget suffered one of the largest exchange hacks of 2026, losing $387.5 million in unauthorized withdrawals detected on September 24. The breach drained hot and warm wallets using spoofed transaction data, stealing approximately 103 million XRP (around $157 million) along with ETH and USDT, while cold wallets remained untouched. The attack’s fingerprints resemble operations attributed to North Korean hacking groups, prompting Bitget to engage Mandiant and Slowmist and suspend withdrawals. Despite the $387.5 million loss, the exchange’s $464 million User Protection Fund will fully cover user losses. CEO Gracy Chen has confirmed plans for a public listing within three years, though market conditions and security improvements will influence this timeline.
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