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Bitget hack exposes crypto exchange protection limits with $351.6M loss and fund coverage just 1.32x the damage.

Market News
25 Sep 2026
CryptoTicker
View Source
Bearish
Bitget hack exposes crypto exchange protection limits with $351.6M loss and fund coverage just 1.32x the damage.

On September 24, 2026, Bitget crypto exchange suffered a $351.6 million hack affecting its hot and warm wallets, leading to suspended withdrawals. Bitget's largest protection fund, holding 5,500 BTC valued at about $464.5 million, covers the loss only 1.32 times, revealing limited buffer for future incidents. The fund's value fluctuates with Bitcoin price, shrinking its protective effect during market downturns when losses are more likely. Unlike bank deposit insurance, crypto exchange protection funds are voluntary and not guaranteed by authorities, with full liability protections applying only to authorized exchanges under EU MiCA regulation, which Bitget has applied for but not yet obtained. Investors should check exchange authorization, fund size in coins, and payout conditions to assess real protection.

The recent Bitget crypto exchange protection fund story provides context for cryptocurrency market activity. For readers following major cryptocurrencies on Pluang, here is the market snapshot as of Sep 25, 2026 21:45 WIB: Of 50 major cryptocurrencies priced, 30 rose and 19 fell today. Notable movers include EOS (EOS.IO) at Rp12.649 with an 8.13% increase and a typical hold time of 87 days, Ethereum Classic (ETC) at Rp168.138 down 8.10% with 77% sell order activity and a 67-day hold time, and Harmony (ONE) at Rp43 down 5.97% with a near-even buy/sell split and a 152-day hold time.

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