
A major security breach at Bitget has triggered one of the fastest customer exits ever recorded on a crypto exchange, with roughly $463 million flowing out of the platform in a single day. The Bitget crypto hack, which drained $388 million from the exchange last week, has now set off a wave of withdrawals that data trackers say is unlike anything seen since proof-of-reserves monitoring began.
Key takeaways
Bitget was hacked last week, with attackers stealing $388 million from the exchange.
Customers pulled roughly $463 million in net assets off the platform within 24 hours after withdrawals resumed.
DefiLlama says this is the largest one-day net outflow it has recorded since it began tracking proof-of-reserves four years ago.
Despite the theft and the outflow surge, Bitget still holds about $5.7 billion in reserves.
Bitget Suffers $388 Million Crypto Hack
Bitget was hacked last week, and the breach resulted in a theft of $388 million, according to Bloomberg. The scale of the theft immediately raised questions about how much of the exchange’s reserves remained intact and whether customers would rush to pull their funds once withdrawals became available again.
For an exchange handling billions of dollars in customer assets, a theft of this size lands as a serious blow to confidence, even before any withdrawal activity begins. It’s the kind of event that tends to test, in real time, whether an exchange can absorb a shock without triggering a broader run on its reserves.
Customer Outflows Surge After Removal of Withdrawal Restrictions
The withdrawal freeze at Bitget didn’t last. Once the exchange began restoring withdrawals, customers moved quickly, pulling roughly $463 million in net assets off the platform within 24 hours heading into Tuesday, Bloomberg reported.
That timing matters. The outflow wasn’t spread out gradually over days; it arrived in a concentrated burst right after Bitget lifted the restrictions that had kept funds locked in place. In practice, this suggests many users had been waiting for the window to open before moving their holdings elsewhere, a pattern common after exchange security incidents when trust in the platform’s custody has been shaken.
Largest One-Day Net Outflow Recorded Since Proof-of-Reserves Tracking Began
The $463 million pulled from Bitget in a single day is now the biggest one-day net outflow that data aggregator DefiLlama has logged since it started tracking proof-of-reserves data four years ago. That benchmark puts the scale of the exit into sharper focus: this isn’t just a rough day for one exchange, it’s a record-setting stress test for the entire proof-of-reserves tracking system.
Why this matters goes beyond Bitget itself. Proof-of-reserves tools exist specifically to give the public visibility into whether exchanges hold enough assets to cover what customers are owed. When an outflow of this magnitude shows up on those dashboards, it becomes a real-time signal of eroding trust, one that other platforms and their users are likely watching closely.
Bitget Maintains $5.7 Billion in Reserves Despite Hack
Even after the theft and the record-breaking exit of customer funds, Bitget currently holds about $5.7 billion in reserves, according to Bloomberg’s reporting. That figure suggests the exchange retained a substantial cushion despite both the $388 million theft and the subsequent $463 million outflow.
Still, the sequence of events, theft, restricted withdrawals, then a record rush to the exits, illustrates how quickly confidence can wobble after a breach at a major platform. Whether the $5.7 billion reserve base is enough to steady customer sentiment going forward will likely depend on how Bitget handles transparency and communication in the days ahead.
FAQ
What was the financial impact of the recent hack on Bitget?
Bitget was hacked last week, resulting in a theft of $388 million.
How did Bitget’s customers respond after the hack?
Bitget experienced roughly $463 million in net customer outflows in 24 hours following the restoration of withdrawals.
How significant is this outflow compared to past data?
The $463 million outflow is the largest one-day net outflow since DefiLlama started tracking proof-of-reserves four years ago.
What is the current reserve status of Bitget?
Bitget currently holds about $5.7 billion in reserves despite the hack.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
