losses

In today's community live broadcast, Bitget CEO Gracy responded to recent security incidents and the platform's financial status. She candidly stated that this is the first security incident encountered since Bitget was established 8 years ago. After a complete trace, it was found that hackers exploited vulnerabilities in third-party security products to steal internal network access credentials, forged withdrawal commands to the wallet system, and deceived the wallet into executing abnormal transfers that bypassed risk checks. Gracy emphasized that no private keys were leaked, and cold wallets were unaffected; specific technical details will be disclosed in the formally released security report.Gracy pointed out that the verified losses from this incident are within the coverage of the protection fund, and user funds are not affected. The platform's own funds exceed $1.4 billion, which includes approximately $464 million in the user protection fund. The platform will continue to uphold the security commitments made when the protection fund was established in 2022, planning to replenish the fund to the baseline of $300 million within a week."The protection fund is not just a slogan, but an important mechanism that provides tangible security for users in the event of extreme security incidents," Gracy stated. In the face of sudden security challenges, the platform's comprehensive strength and its ability to take responsibility are important criteria for measuring its risk response capability and long-term credibility. Bitget will continue to uphold its long-term commitment to prioritize user interests.

According to Cointelegraph, the Internal Revenue Service (IRS) in the United States has stipulated that for transactions in 2025, brokers generally need to report the sales income from digital assets, but in most cases, they do not need to report the cost basis, and taxpayers still need to calculate their gains and losses themselves; starting from 2026, brokers will need to report the cost basis for eligible digital assets. The IRS also emphasized that even if a taxpayer does not receive a 1099-DA, they still must report income and gains and losses related to digital assets.During the first tax season applying the 1099-DA reporting rules for cryptocurrency assets in the United States, some investors are facing issues such as missing transaction data and difficulties in verifying cost basis. A survey conducted by Awaken Tax in August among 1,000 U.S. cryptocurrency investors showed that 21% of respondents who have filed or plan to file for an extension are still waiting for exchanges or cryptocurrency platforms to provide the necessary information; about 20% indicated that their 1099-DA form information is incomplete or are unsure whether it accurately reflects their trading situation.

According to Caixin, poker master and seasoned cryptocurrency investor Hu Zheweng made significant bets during the three waves of cryptocurrency frenzy involving ICOs, algorithmic stablecoins, and AI tokens, but faced consecutive failures. Hu Zheweng claimed to have invested in the blockchain project Stratis, achieving a return of "over 1000 times."According to disclosed information, Hu Zheweng invested approximately 80 million USD in algorithmic stablecoin TerraUSD (UST) and its sister token LUNA from May 2021 to May 2022, with the peak market value of his holdings exceeding 800 million USD, but the price of LUNA subsequently nearly dropped to zero.In addition, Hu Zheweng has filed a lawsuit in Chicago, USA against the globally renowned quantitative trading firm Jump Trading and its related companies and executives in the cryptocurrency business, seeking at least 500 million USD in damages. After experiencing Stox and Terra, Hu Zheweng has not left the cryptocurrency market; last January, he bet on a new project by a Chinese computer professor Zhang Yongfeng. Zhang Yongfeng entered the Computer Science Department of Tsinghua University in 2007 and is currently a tenured associate professor in the Computer Science Department at Rutgers University in the USA. He has been sued by Hu Zheweng on multiple charges including "securities fraud." It is reported that the tokens issued by the organization founded by Zhang Yongfeng, in which Hu Zheweng invested millions of dollars, have fallen over 99.6% from their peak in 2025.

Bitget posted on platform X that the Bitget Protection Fund holds 5,500 BTC, equivalent to approximately 464 million dollars at current prices. All fund wallet addresses are public, and anyone can verify them on-chain at any time.The fund aims to protect user assets from platform-level threats, such as cybersecurity incidents. The losses caused by this hot wallet incident will be covered by the Protection Fund after assessment. We will supplement this fund. Specific details and coverage terms will be announced separately.

Bitget's Greater China Regional Head, Xie Jiayin, tweeted in response to the previous attack incident, stating that the Bitget Protection Fund (currently over $464 million) can cover the losses from this attack, and user assets are unaffected.At 2:31 AM today, Bitget's security system detected abnormal transfers in some hot wallets. The security team immediately activated the emergency response mechanism. The confirmed situation includes: a preliminary assessment of the amount involved is approximately $351.6 million; the cold wallets and the vast majority of platform assets are intact and unaffected.Measures taken include: activating the emergency response team within minutes of the incident, marking and reporting the addresses involved in the abnormal transfers; temporarily disabling the withdrawal function for security reasons, which will be restored in an orderly manner after the security review is completed; notifying law enforcement and on-chain security agencies to intervene in the investigation. The team will provide continuous updates on the status every hour, and the official report will be released within 24 hours, including a root cause analysis and corrective measures. The official will not speculate on the method of attack until the investigation conclusions are clear.

The cryptocurrency trading platform Bitget announced on its official X account that on September 24, 2026, at 18:31 (UTC), its security system detected unauthorized transfers from a small number of hot wallets. The security team has immediately initiated an emergency response procedure and started a comprehensive investigation.Bitget stated that, based on current assessments, approximately $351.6 million in assets are affected. Cold wallets and the vast majority of assets on the platform remain secure and unaffected, and user funds are still protected. The incident falls within the coverage of the user protection fund, which currently holds over $464 million.Bitget mentioned that customer account balances remain accurate, and deposits and transactions continue to operate normally. As a precautionary measure, withdrawals have been temporarily suspended to allow the team to complete a thorough security review. The company has identified and flagged the relevant transfer addresses, formally contacted law enforcement agencies and on-chain security partners, and will restore withdrawals as soon as safety is confirmed, providing subsequent updates through official channels while refraining from speculating on the attack path during the investigation.

According to EmberCN monitoring, the whale entity represented by Garrett Jin accumulated approximately 100,800 BTC at an average price of about $7,242 from May to June 2018. The value of the holdings at the same time last year once exceeded $10 billion, and subsequent investment funds mainly came from selling BTC.Starting in August 2025, the entity gradually sold about 89,000 BTC and bought approximately 900,000 ETH, with an average cost of over $3,500 for ETH. The related ETH was subsequently transferred to Binance in the first half of 2026. In December 2025, the entity went long on ETH on Hyperliquid; in early February 2026, the price of ETH dropped from $3,000 to $1,800, resulting in a liquidation of 213,000 ETH long positions worth about $670 million, with a margin loss of approximately $230 million.During the same period, the entity was believed to have provided some funds to Trend Research. A leveraged long position of 651,500 ETH by Trend Research had a stop loss, resulting in a loss of about $734 million. The entity also extracted and purchased on-chain through Binance from February to June this year, accumulating approximately 289.6 million "Binance Life" tokens, valued at about $150 million, accounting for 28.9% of the total supply of the token. In March, when the entity exchanged 50.43 million aEthUSDT for aEthAAVE, it encountered extreme slippage, only exchanging for 327.2 AAVE, resulting in a loss of about $50.39 million. Since July, the entity has been shorting ZEC on Hyperliquid, currently facing an unrealized loss of about $34 million.

The Executive Secretary of the United Nations Economic and Social Commission for Western Asia, Rania al-Mashat, stated that the war between the United States and Iran caused approximately $150 billion in losses to Arab economies in just the first month, equivalent to about 4% of the region's gross domestic product. She warned that this conflict could delay the investment and economic diversification processes across the entire Arab world.

Recently, the meme coin market has been booming, and on-chain trading has become increasingly active. However, with the warming market, meme coin display pages have frequently shown highly disguised phishing links, and the "novel" attack methods have caused several seasoned traders to fall victim. Crypto KOLs @insidecalls and @cladzsol recently revealed that while scanning chains, they clicked on the meme coin homepage, which resulted in a "cloudfare verification" prompt. After completing the verification as instructed, the victim's on-chain funds were stolen. Among them, @cladzsol lost approximately $600,000 in assets.According to market news, on several recently popular meme coin display pages, the homepage redirects to a "cloudfare verification" page, which is actually a phishing link. If users follow the prompts, their computer systems will download and execute malicious scripts, leading to asset loss. This phenomenon is so rampant that it may be related to the delayed review processes of mainstream trading aggregation platforms like DexScreener. Currently, the display logic of relevant platforms is to directly reference the "official website" or social media links filled in the token metadata. These fields can be updated by token creators or those who later claim "community takeover." Hackers are exploiting this review loophole to transform meme coin display pages into new "fishing grounds" for phishing attacks. Users may inevitably click on unfamiliar links during the chain scanning process; if a "cloudfare verification" or other highly suspicious page appears, they should close it immediately to avoid interaction and protect their asset security.

According to reports from Huigang Communications, in the past week, the Hong Kong police received over 40 investment fraud cases, with total losses exceeding 50 million Hong Kong dollars. One elderly man in his seventies received a message via WhatsApp from a stranger claiming to be a "cryptocurrency investment expert" from Singapore. Following the instructions, he opened a wallet and purchased USDT and ETH, then downloaded a counterfeit investment app provided by the other party and transferred his assets to a designated address.The fake app initially showed profits, prompting him to double his investment. It was only after being refused when attempting to withdraw that he realized he had been scammed, with losses exceeding 13 million Hong Kong dollars.

The founder of Liebit Mining Pool (B.TOP), Jiang Zhuoer, stated that Bitcoin has just dropped, and the Coinbase Bitcoin premium remains negative, continuing to incur significant losses. It is expected that tomorrow's spot ETF (i.e., the US stock market trading day) will see capital outflows.ETF data is lagging; trading based on ETF data is akin to driving while looking in the rearview mirror. Although it is inconvenient, the inflow and outflow of ETF funds are very important, so we can only keep an eye on it.

On-chain analyst SomaXBT posted on platform X, stating that suspected Lootbot users have encountered a collective wallet theft incident, with the current loss amount exceeding 600,000 USD (approximately 245 ETH).Initial information indicates that about 50% of the victims are Lootbot subscription users. It is worth mentioning that Lootbot is one of the projects founded by dexter, the founder of the previously soft Rug project gm.ai, originally a trading bot platform in the Telegram ecosystem.

Binance stated that in the first half of 2026, the Binance Wallet Security Center helped users avoid potential losses of approximately $540 million through real-time scanning of links, transaction signatures, and unknown tokens. During this period, the security center filtered approximately 206 million spam transfers, covering 2.6 million users; identified about 4.93 million high-risk transactions across 19 chains, and discovered approximately 996,000 malicious authorizations.Attackers are using AI to batch generate malicious code, counterfeit websites, and fraudulent identities, shifting on-chain attacks from large-scale fishing to precision attacks. The Binance Wallet Security Center is also using AI to analyze token behavior logic, website risk characteristics, and potential attack intentions to identify phishing domains, malicious contracts, and abnormal token risks earlier.

Blockchain Rocket announced that an on-chain attack occurred on September 5, resulting in a loss of approximately $287,000 in funds. The attacker exploited dormant perpetual markets on Rocket, placing artificially inflated price orders through disposable accounts and trading with themselves, generating false profits on the accounts while causing the disposable accounts to go bankrupt. The attacker then withdrew approximately $287,000 in profits from the Bridge.Currently, all deposits, withdrawals, and trading have been suspended. The team is working with security firms and law enforcement agencies, coordinating with exchanges, cross-chain bridges, and stablecoin issuers to track and freeze the stolen funds. The official statement indicates that a recovery plan is being developed, prioritizing refunds for small accounts, with specific details to be announced as soon as possible.

According to Onchain Lens monitoring, Wintermute (0xecb...2b00) holds a short position of 99.82 million dollars and a long position of 5.12 million dollars on Hyperliquid; Galaxy Digital (0xcac...26b3) holds a short position of 26.41 million dollars and a long position of 6.21 million dollars.The two combined hold a total of 126.23 million dollars in short positions and 11.33 million dollars in long positions. In the past 30 days, Wintermute has lost 15.3 million dollars, and Galaxy Digital has lost 5.96 million dollars.

The automated market maker Aquifer on Solana was attacked, resulting in a loss of approximately $2.5 million. Aquifer subsequently issued a "white hat" offer on-chain, requesting the attacker to return at least 80% of the stolen assets to the designated Solana and Ethereum recovery addresses by September 3 at 22:00, and may retain up to 20% as a bounty.If the attacker complies, the project team promises not to file a civil lawsuit against them.

The Cronos network associated with Crypto.com has paused operations after detecting an attack on the lending protocol Tectonic. The Cronos Network stated on the X platform that it has identified vulnerabilities on Tectonic and has paused the network. Tectonic also confirmed that it is investigating the related incident and advised users not to interact with the protocol until safety is confirmed. According to DefiLlama data, Tectonic had a total locked value of approximately $121.7 million before the incident, with active loans of about $82.7 million.On-chain researcher Weilin Li attributed the attack to price manipulation of the TONIC token. The attacker bought enough TONIC within 20 minutes to inflate its price by about 100 times, and then used the inflated tokens as collateral to borrow other assets from Tectonic, a method similar to the 2022 Mango Markets oracle manipulation attack. Li initially estimated that the attacker profited about $66 million, and later discovered another address controlled by a different attacker containing about $8 million, bringing the total estimate to around $75 million. Li also stated that the attacker only successfully bridged about $6 million to Ethereum, as the pause on the Cronos network prevented most affected assets from flowing out.Crypto.com CEO Kris Marsalek stated that the company's app and exchange were not attacked, and its security team is assisting Tectonic with the investigation.

Cointelegraph reported that Avici will fully refund all 1,685 users affected by the $500,859 card balance vulnerability.

According to monitoring by Blockaid, its vulnerability detection system has found suspicious activity on the Base chain related to Moonwell. Attackers manipulated the MAMO collateral price to borrow cbBTC from the mCBTC market.The currently observed impact is the transfer of 50.6 cbBTC (worth over 4 million USD).

CryptoQuant analyst Axel Adler Jr. pointed out that Bitcoin's two profit and loss indicators have reversed simultaneously in the past ten days. The 90-day realized profit and loss ratio has risen above 1 for the first time since the end of July (reaching 1.003 on August 26), and the unrealized loss ratio has decreased from 18.57% on August 16 to 7.35%, a drop of about 60%, marking the lowest level since May 11.The analyst stated that losses are no longer dominating the market, but the current readings are almost exactly at the breakeven line and need to be continuously confirmed. Historically, during the capitulation phase from 2022 to 2023, this ratio remained below 1 for 241 days, with a minimum drop to 0.368. The current loss pressure is still distant from historical deep capitulation. Both indicators show that holders' financial conditions have significantly improved compared to the low point in August, but true confirmation requires the realized profit and loss ratio to remain consistently above 1 and unrealized losses to stay low.