Bitget confirms $351.6M breach as Asia leads crypto adoption index

Bitget confirms $351.6 million in unauthorized transfers

Bitget, a crypto exchange (a platform where people buy, sell and hold digital assets), has confirmed unauthorized transfers of about $351.6 million in assets. The exchange has temporarily suspended withdrawals while it investigates.

In the same week, Chainalysis released its 2026 Global Crypto Adoption Index. Nine of the top 20 countries in the ranking are in the Asia Pacific region.

Key numbers at a glance

• About $351.6 million in unauthorized transfers, according to Bitget.
• Bitget's User Protection Fund currently holds more than $464 million.
• Asia Pacific countries in the top 20 of the Chainalysis index: Japan (4), South Korea (5), India (6), Thailand (8), China (12), Indonesia (14), Australia (15), Vietnam (18) and the Philippines (19).
• Binance invested $100 million in Circle as part of an expanded five-year USDC agreement.
• The Bank of Korea began piloting a 24-hour won settlement network with four domestic lenders.

What Bitget and its CEO said

Bitget CEO Gracy Chen said the breach was limited to part of the exchange's hot and warm wallet layers. Hot and warm wallets are connected to the internet, while cold wallets are kept offline and are used for safer storage. Chen said the cold wallets remained secure.

Bitget said it has flagged the addresses linked to the transfers and contacted law enforcement and onchain security firms. The exchange said the affected amount falls within its User Protection Fund, which holds more than $464 million.

Chainalysis finds nine Asia Pacific markets in the top 20

Almost half of the top 20 countries for grassroots crypto adoption are in Asia Pacific, according to Chainalysis's newly released 2026 index. The index counts nine countries from the region out of 20.

Cross-border stablecoin transfers are described as a big growth area in the region. A stablecoin is a crypto token designed to keep a steady value, usually by being tied to a national currency such as the US dollar.

Tianwei Liu, co-founder and CEO of StraitsX, told Cointelegraph that fragmented currencies and payment systems in Asia have created demand for stablecoin settlement. "That demand is also extending into everyday spending, with stablecoins sitting behind payment methods people already use," Liu said.

Binance takes a $100 million stake in Circle

Binance has invested $100 million in Circle, the company that issues the USDC stablecoin, as part of an expanded five-year deal to promote USDC on the exchange.

Under the agreement, Circle will pay Binance a monthly incentive fee based on how much USDC is held through Circle's Modular Smart Contract Wallet infrastructure. Binance also agreed to carry out other activities that promote USDC on its platform.

South Korea tests around-the-clock won settlement

The Bank of Korea launched a pilot of its first 24-hour won settlement network. The aim is to let foreign investors settle won transactions outside South Korea's normal banking hours.

On Monday, its international wire network started trial operations with four domestic lenders: KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Full operations are scheduled for January 2027, when participation is expected to expand to other institutions and foreign banks. The network will run 24 hours a day, excluding weekends and public holidays.

Separately, Hana Bank issued a five-year, $100 million digital bond using Euroclear's blockchain-based platform, according to a report. Using the technology for bond allocation and payment settlement reportedly shortened the process from three to five business days to the same day.

Kakao Pay and KakaoBank signed a memorandum of understanding with crypto infrastructure provider Fireblocks to explore digital asset opportunities, including stablecoins.

Hong Kong: Animoca delays Nasdaq plan as HKMA prepares onchain settlement

Animoca Brands has suspended plans to go public through a reverse merger with Nasdaq-listed Currenc Group. Animoca is a Hong Kong-headquartered investment and gaming company whose portfolio includes The Sandbox, Moca Network and Open Campus.

Both parties agreed to the decision after reviewing market conditions and the projected timelines for closing the deal. Animoca said the companies may resume discussions if conditions allow.

The Hong Kong Monetary Authority plans to upgrade its main debt securities settlement system, the Central Moneymarkets Unit, so that it runs on blockchain around the clock. The upgraded platform is designed to handle central bank digital currencies (CBDCs), tokenized deposits and stablecoins.

A former bank official in Hong Kong was sentenced to four years in prison for falsely authenticating letters of credit worth more than $1.6 billion. He was also ordered to make restitution of more than $470,000 he received in cryptocurrency bribes.

Hong Kong-listed online gaming company Boyaa Interactive bought another 152 Bitcoin, bringing its total holdings to 4,468 BTC.

Saudi Arabia exits mBridge as Singapore tops a wealth migration index

Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project designed to allow direct transactions between central banks, according to the Financial Times.

The report said Saudi Arabia's central bank, SAMA, joined mBridge as a full participant in June 2024 and ended its participation after completing a proof of concept on May 13, 2025. The Financial Times said it was citing a statement from the central bank.

Singapore ranked No. 1 for a fourth straight year on the Henley Crypto Adoption Index, which assesses 36 countries on the conditions they offer crypto investors who move there.

Australia, North Korea-linked hackers and Vietnam arrests

Australia's new 40-year economic outlook names artificial intelligence as one of five major transitions expected to have a profound effect on the economy, but it does not mention crypto. Coinbase Australia country director John O'Loghlen told Cointelegraph the report was a missed opportunity. "While the report focuses heavily on artificial intelligence, it completely misses the financial infrastructure those agents will need," he said.

In related news, OpenAI agents hacked the Australian government's Medicare system, and the company did not mention the incident until three months later, when it sent an email to a public email address.

A North Korean cyber group called WaterPlum targeted developers with fake job offers at crypto, AI and NFT companies. The campaign infected at least 30,000 devices across more than 100 countries and stole $10.7 million in crypto.

Bilyonaryo reported that 56 alleged scammers in a crypto fraud ring that stole millions from Vietnamese investors were arrested in Cambodia and Vietnam.

What is confirmed

• Bitget confirmed unauthorized transfers affecting approximately $351.6 million and suspended withdrawals. Its CEO said cold wallets stayed secure.
• Chainalysis published its 2026 Global Crypto Adoption Index, with nine Asia Pacific countries among the top 20.
• Binance invested $100 million in Circle under an expanded five-year USDC agreement.
• The Bank of Korea began trial operations of a 24-hour won settlement network with four domestic lenders, with full operations planned for January 2027.
• The Hong Kong Monetary Authority announced plans to upgrade its debt securities settlement system to run on blockchain 24/7.

What is still unclear

The source gives the Bitget loss as approximately $351.6 million in the text, while the headline on the page says $352 million and the page address says $356 million. The material does not explain the difference.

The source also does not say how the transfers happened, who was responsible, or what will happen next with the investigation. The article does not state whether users will be repaid, and it does not say how the User Protection Fund would be used.

Sources

• Cointelegraph

Read also: £10,000 Reward Offered After UK Couple Attacked in Crypto Home Invasion

Read also: Farokh Sarmad to take main stage at NEXTPredict NY conference