Bitget hacked, $387.5M stolen from platform

Bitget reported that unauthorized transfers from wallets linked to the platform resulted in $387.5 million in losses. The exchange detected unusual activity, opened an internal investigation and notified users and regulators.

The company said the compromise involved multiple digital assets, including cryptocurrencies and stablecoins, which were moved across several blockchains to addresses controlled by the attackers. Transactions were routed through intermediary addresses and services, which can slow immediate recovery efforts.

Bitget has engaged blockchain forensics firms and is cooperating with law enforcement to trace the flows and recover assets where possible. The exchange is assessing whether any customer balances were affected and reviewing its internal controls.

Centralized exchanges normally separate online “hot” wallets used for withdrawals and trading from offline “cold” storage. The exchange did not specify how the attackers gained access; forensic tracing will focus on chains of transfers and any points where funds touched services that enforce identity checks.

Bitget said it will provide updates as the investigation progresses and will comply with regulatory and law enforcement requests. Customers and counterparties are waiting for formal confirmation about account impact and any reimbursement arrangements.

Recovery efforts in similar incidents typically involve tracking token flows, working with other platforms if stolen funds are deposited there, and pursuing legal measures when attackers are identified. Bitget has launched an internal security review and engaged external cybersecurity experts as part of its response.