Bitget was hacked for roughly $352 million on September 24. The exchange suspended withdrawals. The CEO said user funds are safe and the losses would be covered by Bitget's own reserves.
Preliminary evidence points to North Korean hackers. The attackers compromised a wallet backend, spoofed transaction data, and moved assets from hot and warm wallets. They swapped roughly $192 million in EVM assets into 68,500 ETH.
This is the largest crypto breach of 2026.
Why this matters for everyone, not just Bitget users: exchange risk is real. Not the price risk of the tokens you hold — the risk that the platform itself gets compromised.
Binance hasn't been affected. But every major exchange hack is a reminder that custody is a spectrum. Centralized exchanges offer convenience and liquidity. They also concentrate risk.
What I'm watching: how Bitget handles withdrawals. If they process them smoothly, confidence holds. If they delay, it could trigger a broader trust issue across centralized exchanges.
Bitget said they'll publish a withdrawal plan on September 26.
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