Bitget Criticizes DeFi Protocols Following $387.5 Million Breach

Bitget is addressing the aftermath of a $387.5 million breach that occurred on September 24, 2026. The exchange recently criticized certain DeFi protocols for their refusal to assist in tracing or recovering stolen assets, contrasting this with the actions of NEAR Intents.

The breach originated from a zero-day vulnerability in third-party security software, which allowed attackers to obtain high-level credentials and execute fraudulent withdrawals across Ethereum, Tron, and the XRP Ledger. Bitget CEO Gracy Chen confirmed that the exchange's cold wallets and private keys remained secure during the incident.

NEAR Intents reported that its SHIELD risk-intelligence system identified and blocked over $50 million in laundering attempts related to the hack. The system successfully froze $503,000 while transactions were in progress, though approximately $166,000 was moved before the system intervened. NEAR Intents also waived the 5% bounty offered by Bitget for recovered funds.

Additional support came from stablecoin issuers Tether and Circle, who froze between $320,000 and $340,000 in stolen funds. Despite these efforts, the total recovery remains at approximately 0.2% of the stolen amount.

Bitget argued that protocols choosing not to intervene when they can identify stolen funds are effectively making a choice regarding the usage of their infrastructure. This has reignited debates regarding the responsibilities of cross-chain protocols in responding to illicit activity.

Bitget began restoring withdrawals on September 28 and has committed to covering user losses through its User Protection Fund, which held over $464 million prior to the breach. While investigations are ongoing, Bitget has not confirmed the identity of the attackers, despite speculation regarding potential links to North Korean actors.