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Bitget lost ~$387.5M in one of the largest crypto hacks of 2026. Attackers exploited a zero-day in a third-party security product, gained access to Bitget’s wallet infrastructure, and fed it forged withdrawal requests that bypassed normal risk controls. We break down what happened and what formal verification can establish about withdrawal signing. ➡️

Bitget Reopens ETH Withdrawals, Records Healthy Inflows @Bitget finally reopened $ETH withdrawals on September 29 after a period of restricted access. The protocol recently confirmed about 651 $ETH in net inflows, with 9,674 $ETH sent in and 9,023 $ETH withdrawn as of 09:00 UTC. The restoration process was completed after $BTC withdrawals reopened on September 28.

Bitget’s recent hack has put THORChain under scrutiny after some of the stolen funds moved through its cross-chain swap protocol. But the dispute raises a broader question: should permissionless networks be able to block specific wallets?

Bitget: All Withdrawals to Face Independent Checks Bitget says it is tightening its security controls following the recent breach. Access to highly sensitive systems has been restructured, with critical operations requiring multiple approvals, while withdrawal requests will undergo independent verification. The exchange also said affected third-party security functions will remain disabled until remediation is complete, and all internal credentials have been revoked and reissued.

Bitget CEO: Why Withdrawals Were Paused and Restored in Phases Bitget CEO Gracy Chen @GracyBitget said during a September 28 livestream that the security incident affected the exchange’s withdrawal infrastructure across multiple chains and assets. As a result, each chain had to undergo a series of security checks before withdrawals could resume, requiring the platform to restore withdrawals in phases. She said the suspension was a security measure and was not related to the sufficiency of user assets, with the related losses fully covered by the Bitget Protection Fund. Bitget restored BTC withdrawals first because the BTC withdrawal pipeline was the first to be ready and had not been affected by the attack, meaning it did not require the same level of comprehensive security verification. ETH and USDT withdrawals were restored later based on the progress of security checks and user demand.

Bitget CEO Details How Attackers Stole Approximately $380M In a September 28 livestream, Bitget CEO Gracy Chen @GracyBitget said attackers exploited a zero-day vulnerability in a third-party security product to obtain internal credentials. They used those credentials to access wallet backend systems, insert fraudulent withdrawal commands and bypass risk controls, then deleted traces of the transfers. Chen said private keys were not compromised and an inside job had been preliminarily ruled out. Bitget has not identified the attackers and plans to release an incident report.

Bitget CEO Gracy Chen says she suspects North Korean attackers exploited a backend system used to process wallet transactions to drain $387M from the platform (@c_grigera / Fortune) (Visit Techmeme dot com for the link and full context!)