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Bitget disclosed a security breach affecting approximately $351.6 million on September 24, 2026.
A subsequent breakdown from Lookonchain identified 102.93 million $XRP worth $157.48 million as the largest component of the stolen assets.
CEO Gracy Chen said Bitget detected unauthorized transfers at 18:31 UTC and immediately activated its emergency response protocols. The exchange temporarily suspended withdrawals pending a security review.
$XRP Leads the Stolen Asset Breakdown
Lookonchain’s asset breakdown listed nine cryptocurrencies and tokens, including $XRP, $ETH, stablecoins, and tokenized gold:
| Asset | Amount | Reported value |
|---|---|---|
| $XRP | 102,926,478 | $157,477,511 |
| $ETH | 31,890 | $85,751,065 |
| $USDT | 34,751,168 | $34,751,168 |
| USDC | 21,056,725 | $21,056,725 |
| USDT0 | 19,668,852 | $19,668,852 |
| XAUt | 3,000 | $12,820,376 |
| $BNB | 12,719 | $9,883,021 |
| AVAX | 821,012 | $8,382,532 |
| TRX | 20,593,377 | $7,069,706 |
| Total | — | $356,860,956 |
Source: Lookonchain’s asset breakdown.
The itemized total is approximately $5.26 million higher than Bitget’s initial $351.6 million estimate. The initial security notice and asset breakdown did not explain the difference. $XRP represents approximately 44.1% of the itemized total.
Attacker Converts Funds Into 67,982 $ETH
Lookonchain reported that the attacker had swapped most of the stolen assets on Ethereum-compatible networks into 67,982 $ETH, valued at approximately $183 million. The conversion figure concerns assets on those networks, rather than establishing that the stolen $XRP was exchanged for $ETH.
Arkham’s portfolio snapshot grouped 22 addresses under its “Bitget Hacker” label, with combined holdings valued at approximately $188.93 million. Alongside the $ETH balance, it listed roughly 5,897 $BNB worth $4.58 million and 495.625 wrapped $ETH worth $1.33 million. Those figures describe tracked holdings at the snapshot, not an additional loss on top of the original theft.
Bitget Says Protection Fund Covers the Loss
In its initial notice, Bitget said the affected amount fell within the coverage of its User Protection Fund, which it valued at more than $464 million.
About the Bitget Protection Fund 🛡️
The Bitget Protection Fund exists for moments like this. It holds 5,500 BTC, approximately $464M at current prices.
All fund wallet addresses are public and can be verified on-chain by anyone, at any time. The fund is designated to protect…
— Bitget (@bitget) September 25, 2026
Chen said customer balances remained protected and deposits and trading continued operating while withdrawals were paused.
The exchange also said it had identified and flagged abnormal transfer addresses, notified law enforcement, and engaged blockchain security firms. It committed to publishing a full incident report, including the cause and corrective measures, within 24 hours.