NEAR Intents suffers $3.8M exploit after assistance with Bitget breach
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Cointelegraph by Turner Wright
The crypto industry faced a record-breaking September 2026, with the $388 million Bitget hack driving total quarterly losses to $1.26 billion. Investigations reveal the Bitget breach originated from a zero-day exploit targeting third-party security products.
The $388 Million Bitget Breach: A Technical Autopsy
The recent breach of the Bitget exchange, resulting in a staggering $388 million loss, has sent shockwaves through the cryptocurrency ecosystem. According to investigations by blockchain security firm SlowMist, the incident was not a spontaneous event but the culmination of malicious activity that began as early as August 31, 2026. By leveraging a zero-day vulnerability in a third-party security product, attackers were able to compromise the exchange's infrastructure long before the final exfiltration of assets occurred on September 24.
The Anatomy of the Attack
SlowMist’s analysis highlights the sophistication of modern cyber-attacks targeting centralized exchanges. The perpetrators utilized a multi-layered approach, involving at least two third-party security products and a custom withdrawal tool. The attackers reportedly used a hidden script to gain unauthorized access to the database of a security provider—referred to as "Product A"—by successfully retrieving its password. This access provided the necessary foundation to manipulate the exchange's hot wallets and facilitate the unauthorized transfer of funds across multiple blockchains.
September 2026: A Dark Month for Crypto Security
The Bitget incident was the primary driver of a catastrophic month for the industry. September 2026 has been officially recorded as the worst month of the year for security exploits, with total losses estimated between $766 million and $768 million. Alongside the Bitget breach, the industry grappled with a $320 million exploit of the Liquid Network. While the recovery of over $270 million from the Liquid Network incident provided some relief, the aggregate loss remains a stark reminder of the persistent vulnerabilities inherent in blockchain-based financial systems.
Quarterly Trends and Escalating Risks
When viewed through the lens of Q3 2026 data, the severity of the situation becomes even more apparent. Total crypto security losses reached $1.26 billion across 247 distinct incidents, representing a 53.9% increase over Q2 figures. The Bitget hack alone accounted for approximately 31% of the quarterly losses, cementing its status as the largest security incident of the period. Other significant losses, such as the $120 million Tectonic exploit and the $112.7 million Coldcard theft, further illustrate the broad spectrum of risks facing both exchanges and individual users.
Future Implications and Industry Resilience
The reliance on third-party security products has historically been viewed as a best practice for exchanges, yet the Bitget hack demonstrates that these very tools can become vectors for entry. As attackers refine their methods to exploit "zero-day" vulnerabilities—flaws unknown to the developers—the industry must pivot toward more robust, zero-trust security architectures. The 13% increase in the frequency of incidents suggests that the threat landscape is not only becoming more costly but also more active. Moving forward, stakeholders will likely demand greater transparency regarding the security stacks of exchanges and a heightened focus on auditing the third-party integrations that form the backbone of modern crypto platforms.
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