InvestingLive notes

Bitget's BGB token is trading around $1.963, only 3% to 5% below pre-hack levels, as a $464 million protection fund and ongoing trading calm nerves after the $351.6 million breach. Withdrawals remain frozen, so the real test is still ahead.

The attacker still controls roughly 24,590 ether across three wallets created during the breach. That is a potential source of selling pressure on ETH if the funds are sold rather than laundered through privacy tools. For BGB, most of the price is set on Bitget's own platform, so quotes elsewhere may lag any shift in sentiment until withdrawals reopen. When they do, rival exchanges could see inflows if some users decide to move their funds. The first days after the reopening are likely to tell traders more than the overnight moves.

Hackers drain $351.6 million from Bitget in possibly 2026's biggest crypto heist

BGB's shallow dip suggests traders believe Bitget can absorb a $351.6 million hack, but with withdrawals still frozen, the market has not yet had to prove it.

BGB was trading around $1.963 early in the Asian session on Friday, 3% to 5% below its $2.02 to $2.06 range before the hack.

Bitget says its User Protection Fund, which holds more than $464 million, covers the full $351.6 million loss and that customer balances are unaffected.

Bitget has published proof-of-reserves reports for 45 consecutive months, most recently a 122% reserve ratio for August.

Deposits and trading continue, but withdrawals remain frozen, and much of BGB's trading happens on Bitget itself.

Transfers out of Bitget wallets continued for nearly three hours after the exchange says it detected the breach. The attack method is still undisclosed.

The incident report is due by 21:30 UTC on 25 September.

Bitget's exchange token, BGB, is holding up far better than a $351.6 million hack might suggest. The token was trading around $1.963 early in the Asian session on Friday, roughly 3% to 5% below the $2.02 to $2.06 range it held for most of Thursday before the breach came to light. That is a real loss, but hardly the collapse many would expect after one of the largest crypto thefts of the year.

For readers new to crypto, an exchange token is a digital coin issued by a trading platform itself. Its value is closely tied to the platform's health, because demand for the token depends largely on people continuing to use that exchange. That makes BGB a useful real-time gauge of how much confidence traders still have in Bitget.

The main reason for the calm appears to be Bitget's promise to cover the loss in full. Chief executive Gracy Chen said the exchange's User Protection Fund holds more than $464 million, comfortably above the amount taken, and that customer balances are unaffected. Bitget has also published proof-of-reserves reports for 45 consecutive months, most recently showing a 122% reserve ratio for August, according to Forbes. In simple terms, the exchange says it held more assets than it owed to customers. Deposits and trading have continued, and the wider crypto market was up nearly 10% over the past week, which suggests traders see this as a Bitget problem rather than a sector-wide threat.

The distinction between a hack and a solvency crisis matters here. When FTX collapsed in 2022, the question was whether the exchange had customers' money at all, and its own token was wiped out. A hack covered from reserves is painful and embarrassing, but it does not by itself mean the platform cannot pay. So far, the market is treating Bitget's breach as the first kind of event.

There is a caveat, and it is an interpretation rather than a confirmed fact. Much of BGB's trading happens on Bitget itself, where withdrawals are frozen. A holder who sells BGB there receives funds that also cannot leave the exchange, which may be limiting selling for now. The token's price may not face a full test until customers can actually move their money out.

Some details could also shift sentiment. On-chain data cited by Forbes shows transfers out of Bitget wallets continued for nearly three hours after the exchange says it first detected the breach, with the last ether transfer arriving 52 minutes before the public notice. Bitget has still not said how the attackers got in.

What to watch is Bitget's incident report, due by 21:30 UTC on Friday, 25 September. A clear explanation, a credible fix and a smooth reopening of withdrawals would support the market's calm reading. A longer freeze, a higher loss figure or doubts what the protection fund actually holds would challenge it. BGB's behaviour once withdrawals resume will be the clearest signal. For now, the lesson is that the first price reaction to a hack is not always the final verdict.

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