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Bitget Hack Results in $388M Loss; Coinbase Allegations Surface

Bitget Hack Results in $388M Loss; Coinbase Allegations Surface

First seen 1 Oct 2026, 23:15 UTC • •
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ThreatCluster AI
ThreatCluster •October 2, 2026 at 01:05 UTC
  • •Bitget lost approximately $388 million due to a security breach on September 24, 2026.
  • •Attackers exploited a zero-day vulnerability in a third-party security product to gain access.
  • •Coinbase faces allegations of concealing over $1 billion in hacks, which it denies.

On September 24, 2026, Bitget reported a significant security breach resulting in the theft of approximately $388 million from its online wallets. The attackers exploited a zero-day vulnerability in a third-party security product to gain high-level internal credentials, allowing them to manipulate transaction information and trigger the approval process for fund transfers. Bitget's CEO, Gracy Chen, confirmed that private keys and cold wallets remained secure, and the company activated its User Protection Fund to cover the losses. Following the incident, Bitget temporarily suspended withdrawals and is working with security firms Mandiant and SlowMist to investigate the breach. Concurrently, allegations have emerged that Coinbase may have concealed details of its own hacks, with claims of over $1 billion in losses, although Coinbase has denied these allegations. The incident highlights ongoing vulnerabilities within the cryptocurrency sector and the potential for state-sponsored attacks, specifically linking the breach to North Korea's Lazarus Group. As of October 1, 2026, Bitget is resuming withdrawals after patching the vulnerability.

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Timeline

2026-09-24
Bitget detects unauthorized transfers
Bitget announced a significant security breach, leading to the theft of approximately $388 million from its online wallets.
Coingeek
2026-09-28
Bitget begins phased resumption of withdrawals
After patching the vulnerability, Bitget started to resume withdrawals and P2P transactions.
Coingeek
2026-10-01
Bitget continues recovery efforts
As of October 1, Bitget is working to fully resume operations following the hack.
Coingeek

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Common questions

What was the total loss from the Bitget hack?
Bitget reported a loss of approximately $388 million due to the security breach.
How did the attackers exploit Bitget's system?
The attackers exploited a zero-day vulnerability in a third-party security product to gain access to internal credentials.
What measures is Bitget taking after the hack?
Bitget has activated its User Protection Fund and is working with security firms to investigate the breach while resuming withdrawals.