Bitget experienced a record $463 million net outflow within 24 hours as it resumed withdrawals following a $387.5 million hack on September 24, 2026. The outflow represents nearly 8% of Bitget's $5.84 billion reserves, which remain sufficient to cover withdrawals if the outflow does not persist. The user protection fund, initially over $464 million, dropped below $200 million after absorbing most losses but will be replenished by Bitget. Withdrawals are being released in stages, with fiat and peer-to-peer transactions expected by October 2. This incident highlights the importance of assessing exchange counterparty risk through reserve transparency rather than marketing claims, especially since Bitget lacks an EU MiCA license and German users face limited regulatory protection.
Bitget's recent $463 million outflow and halving of its protection fund provide context for cryptocurrency market activity. For readers following crypto markets, here is Pluang's snapshot as of Sep 30, 2026 04:03 WIB: out of 50 major cryptocurrencies, 29 rose and 20 fell. Notable movers include CRV at Rp6.975 (+6.68%), ALGO at Rp2.271 (-6.47%), and SUSHI at Rp4.785 (+5.85%).
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