Bitget Reports $388 Million Hack as Q3 2026 Crypto Losses Exceed $1 Billion
(1 day ago) · 1 source · Summarized by CryptoBipto
Bitget, a cryptocurrency exchange, reportedly suffered a $388 million hack. The incident has pushed total crypto security losses for the third quarter of 2026 past the $1 billion mark, according to reports.
WHY IT MATTERS
When you store cryptocurrency on a centralized exchange, you are trusting that company to keep your funds safe — similar to depositing money in a bank. Unlike a traditional bank, however, crypto exchanges are not always insured or regulated in the same way, which means that if hackers break in and steal funds, users may not always get their money back. This hack is a reminder that centralized exchanges can be targets for theft. The term 'security losses' refers to the total value of cryptocurrency stolen or lost due to hacks, scams, and technical exploits across the industry. When these losses reach $1 billion in a single quarter, it highlights that security remains one of the biggest challenges in the crypto space. Some crypto users choose to hold their own assets in personal wallets — sometimes called 'self-custody' — to reduce the risk of losing funds in an exchange hack, though self-custody comes with its own responsibilities and risks.
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- cointelegraph.com
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