Bitget records $463M in net outflows after hack steals up to $388M from exchange

Bitget, one of the world’s top ten crypto exchanges by trading volume, watched $463 million walk out the door in a single day after a security breach drained hundreds of millions from its hot wallets. The September 29 outflow figure represents the largest single-day withdrawal event tracked by DefiLlama in four years. The breach itself occurred on September 24, when attackers exploited a vulnerability in a third-party security product to inject spoofed transaction data into Bitget’s authorization process. The revised loss estimate sits between $387.5 million and $388 million, up from the initial $351.6 million figure reported in the immediate aftermath. How the attack unfolded The attackers ran two smaller test transfers first, probing Bitget’s risk controls before executing the main unauthorized withdrawal. Bitget’s private keys were never compromised, and cold storage wallets remained untouched. The vulnerability lived in a third-party security product that interfaced with the exchange’s backend systems, allowing the attackers to spoof transaction data that looked legitimate to Bitget’s authorization layer. The trust deficit Bitget holds roughly $5.7 billion in reserves, which me...