Bitget Says $351.6 Million Left Its Wallets in Unauthorized Transfers, Pauses Withdrawals
Bitget reports unauthorized transfers and stops withdrawals
Crypto exchange Bitget said about $351.6 million was moved out of some of its wallets without authorization. An exchange is a platform where people trade and store crypto, and a wallet is where digital assets are held.
Bitget temporarily suspended withdrawals, meaning users could not move their funds off the platform for a period. Bloomberg reported the news on September 24, 2026, and updated it on September 25, 2026.
The numbers Bitget reported
- Bitget put the estimated loss at $351.6 million from unauthorized transfers out of certain wallets.
- Withdrawals were suspended temporarily.
- Bitget's User Protection Fund, a reserve the exchange keeps to cover losses of this kind, holds more than $464 million, according to the company's chief executive.
What Bitget's chief executive said
Chief Executive Gracy Chen said in a post on X early Friday in Singapore that user funds are safe. She also said the entire loss is covered by Bitget's User Protection Fund, which she said currently holds more than $464 million.
What is confirmed
Bitget reported an estimated $351.6 million in unauthorized transfers from some of its wallets. The exchange paused withdrawals and said the loss falls within its User Protection Fund. Those details come from the company and its chief executive as reported by Bloomberg.
What is still unclear
The source material does not explain how the unauthorized transfers happened, who was responsible, or when withdrawals will fully resume. Bloomberg's headline refers to hackers taking $352 million, while the figure given in the article body is $351.6 million.
Why this matters
The event affects customers' ability to move funds on and off the exchange, at least for a time. Bitget says customers' money is safe because the User Protection Fund is expected to absorb the loss.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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