Bitget Hack Losses Rise to $387.5M as BGB Falls

| thecryptotime.com
The Bitget hack began on 24 September 2026, when attackers exploited a backend wallet-infrastructure vulnerability to spoof transaction-approval data and move funds from hot and warm wallets. Private keys were not stolen, and Bitget said cold wallets and customer balances remained unaffected. The initial loss estimate was $351.6 million. Lookonchain later placed the figure as high as $356.8 million, with about 102.93 million XRP, worth roughly $157.5 million, identified as the largest stolen asset. Further investigation raised the estimated loss to $387.5 million after additional assets were found on the Zcash and Tron networks. Some funds were reportedly recovered, but Bitget did not disclose the amount. Bitget suspended withdrawals during its security review but kept trading and deposits active. CEO Gracy Chen said the exchange’s User Protection Fund held more than $464 million and could cover the loss without using customer balances. The BGB token fell about 3.3% after the incident. Mandiant, SlowMist and law-enforcement agencies are investigating. IP and VPN patterns may indicate North Korean-linked attackers, although attribution remains unconfirmed. Traders should watch withdrawal restoration, stolen-fund movements, further revisions to the Bitget hack estimate, XRP liquidity and BGB market confidence. The incident also highlights the security risks of centralized exchange backend systems and was reportedly the largest single crypto breach of 2026.
Bearish
The immediate price impact is bearish, particularly for BGB. The token fell about 3.3% as the Bitget hack raised concerns about exchange security, withdrawal access and liquidity. Traders commonly reduce exposure to an exchange’s native token after a major security incident, increasing short-term selling pressure and volatility. The revised loss estimate, rising from $351.6 million to as much as $387.5 million, may further damage confidence. Large XRP transfers could also create temporary selling or liquidity concerns if the stolen funds reach exchanges. However, the User Protection Fund exceeds the reported losses, customer balances were said to be intact, and trading and deposits continued. These factors may limit broader market contagion. Over the longer term, successful compensation and the restoration of withdrawals could stabilise BGB. Conversely, additional stolen assets, delayed withdrawals, or evidence of weak internal controls could extend the token’s underperformance. The overall expected impact on the mentioned cryptocurrencies is therefore bearish, with the strongest pressure likely on BGB.