Bitget Loses $380 Million to Third-Party Zero-Day Exploit

Bitget Suffers $380M Loss in Third-Party Zero-Day Exploit

Attackers exploited a third-party security vulnerability to bypass internal controls, enabling fraudulent withdrawals and halting trading on the derivatives-focused exchange.

The Digital Assets Desk

Gokhshtein Media

September 29, 2026

3 min read

Bitget CEO Gracy Chen confirmed the crypto exchange lost $380 million after attackers exploited a zero-day vulnerability in a third-party security product to gain high-level internal credentials.

The breach enabled attackers to issue fraudulent withdrawal commands from Bitget's wallet backend systems. Chen ruled out insider involvement, confirming private keys were not compromised.

Bitget's trading volume dropped to $0 following the revelation. The exchange, which grew quickly in derivatives trading, faced scrutiny after the breach.

On-chain analysis shows stolen funds moved through THORChain, a decentralized cross-chain liquidity protocol. Bitcoin withdrawals resumed on Sept. 28.

Chen disclosed details during a livestream, confirming independent reports citing figures from $380 million to $388 million.

Bitget is preparing to release an official incident report detailing the exploit mechanics and outlining subsequent security upgrades and policy changes to prevent future attacks.

Bitget CEO Gracy Chen confirmed the crypto exchange lost $380 million after attackers exploited a zero-day vulnerability in a third-party security product to gain high-level internal credentials.

The breach enabled attackers to issue fraudulent withdrawal commands from Bitget's wallet backend systems. Chen ruled out insider involvement, confirming private keys were not compromised.

Bitget's trading volume dropped to $0 following the revelation. The exchange, which grew quickly in derivatives trading, faced scrutiny after the breach.

On-chain analysis shows stolen funds moved through THORChain, a decentralized cross-chain liquidity protocol. Bitcoin withdrawals resumed on Sept. 28.

Chen disclosed details during a livestream, confirming independent reports citing figures from $380 million to $388 million.

Bitget is preparing to release an official incident report detailing the exploit mechanics and outlining subsequent security upgrades and policy changes to prevent future attacks.