Bitget CEO confirms ~$350M theft on September 24, asserts exchange can absorb loss and handle withdrawals without bank run.
Security & Exploits ·
On September 24, approximately $350 million was stolen from Bitget in what the exchange's CEO characterized as an absorbable loss. Gracy Chen stated that Bitget possessed sufficient capital to manage the theft and sustain withdrawals without triggering a bank run. She anchored this claim by comparing Bitget's retail trading volume to Bybit's, noting that if Bybit had weathered a $1.5 billion loss, Bitget should be able to withstand a $300 million-plus impact.
Recovery efforts have begun across multiple public chains, with some networks implementing freezes on the stolen assets. Chen acknowledged uncertainty about full asset recovery, suggesting that partial or no return of the funds remains possible. The exchange has not yet disclosed additional details about the theft's technical origin, the identity of the attacker, or a timeline for resolution.
Open questions include whether recovery efforts will yield material results, how depositors will respond when withdrawals reopen, and whether regulatory or law enforcement investigations will yield leads on the perpetrator.