Bitget Says Stolen Funds Are Covered by Its Hedging Fund After Reported Hack
CryptoNews.net reported on-chain movement of assets from wallets labelled as Bitget's, including one address that bought 7,111 ETH, with total funds affected estimated above $170 million.
Why it matters
The exchange says its hedging fund absorbs the loss rather than user balances, and the unresolved cold wallet question decides how much of the exchange's cold storage was exposed. The whole account rests on one aggregator's on-chain readings, so the size of the loss and the scope of the compromise have no independent confirmation.
Where the sources disagree
Whether Bitget's cold wallets were compromised
3 hot wallets and 1 cold wallet attributed to Bitget may have been affected
Crypto News (CryptoNews.net)
the majority of the loss came from hot wallets and cold wallets were unaffected
Crypto News (CryptoNews.net)
CryptoNews.net's on-chain assessment named a cold wallet among the affected wallets, while a Bitget representative said the cold wallets were unaffected.
Size of the loss
magnitude claimed to exceed $100 million
Crypto News (CryptoNews.net)
total amount of funds affected estimated to exceed $170 million
Crypto News (CryptoNews.net)
The two CryptoNews.net reports give different thresholds for the amount taken.
Key facts
CryptoNews.net reported that a newly created address bought 7,111 ETH in six minutes using about 19.67 million USDT0 from a Bitget hot wallet.
7,111 ETHReported by Crypto News (CryptoNews.net)
Those purchases ran through UniswapX and 1inch Fusion, some paying about 5% above spot price while the WETH/$USDC pool rose to around $2,870.
5 %Reported by Crypto News (CryptoNews.net)
CryptoNews.net reported that 3 hot wallets and 1 cold wallet attributed to Bitget may have been affected.
Disputed figureReported by Crypto News (CryptoNews.net)
Some users reported that withdrawals were blocked.
Reported by Crypto News (CryptoNews.net)
A Bitget representative told CryptoNews.net the affected wallets are now under the exchange's control, with the majority of the loss coming from hot wallets and cold wallets unaffected.
Disputed figureReported by Crypto News (CryptoNews.net)
The Bitget representative said the losses are large enough to be covered by the Bitget Hedging Fund.
Reported by Crypto News (CryptoNews.net)
What happened
CryptoNews.net reported that on-chain data showed assets moving out of wallets labelled as belonging to Bitget, with a newly created address buying 7,111 ETH in six minutes using about 19.67 million USDT0 from a Bitget hot wallet. The outlet said those trades ran through UniswapX and 1inch Fusion, some paying roughly 5% above spot price while the WETH/$USDC pool reached about $2,870, and it put the first claim about the size of the incident at more than $100 million before estimating the total funds affected at over $170 million. CryptoNews.net also reported that users described blocked withdrawals, that 3 hot wallets and 1 cold wallet may have been hit, and that about $530 million of assets were still held at the exchange's addresses. A Bitget representative told CryptoNews.net the affected wallets are back under the exchange's control, that the majority of the loss came from hot wallets while cold wallets were unaffected, and that the losses are large enough for the Bitget Hedging Fund to cover. No second outlet has confirmed the on-chain figures, and the conflict between the initial cold wallet assessment and the exchange's later account stands unresolved.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
BREAKING: Bitget Is Reportedly the Target of a Major Hacking Attack
- Update
CryptoNews.net reports unusual on-chain activity at Bitget and a claimed magnitude above $100 million
The report described 7,111 ETH bought in six minutes with 19.67 million USDT0 from a Bitget hot wallet via UniswapX and 1inch Fusion, and said some users had withdrawals blocked.
- Update
Estimated funds affected raised above $170 million and cold wallet involvement reported
The follow-up named 3 hot wallets and 1 cold wallet as possibly affected, listed assets moved including ETH, AVAX, BNB, USDC, USDT, USDT0 and XAUT, said the addresses were still converting stablecoins into ETH, and reported about $530 million of assets remaining at the exchange.
- Official statement
Bitget representative says affected wallets are back under control and cold wallets were unaffected
The exchange said the majority of the loss came from hot wallets, that the Bitget Hedging Fund covers the amount, and that it has started moving remaining assets out of the addresses the attacker withdrew from.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 24 Sept 2026, 20:39 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 24 Sept 2026, 21:04 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
Affected entities
Also mentioned: Avalanche
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto News (CryptoNews.net) Aggregator | BREAKING: Bitget Is Reportedly the Target of a Major Hacking Attack | Original | |
| Crypto News (CryptoNews.net) Aggregator | BREAKING: The Bitget Hack Is Still Ongoing—There Are New Developments | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | BREAKING: Bitget Issues Statement Regarding the Hack | Syndicated |
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