Weekly Research Stack 1: Bitget Loses $387.5M, Ondo Brings BlackRock-Designed Portfolios Onchain

Black Thursday for Bitget

On September 24, Bitget detected unauthorized transfers from its hot and warm wallets after attackers exploited a vulnerability in a third-party security product to gain high-level internal credentials. Attackers then used those credentials to forge withdrawal commands and bypass internal risk controls, with the final confirmed loss reaching $387.5 million.

According to Bitget CEO Gracy Chen, the attack showed characteristics linked to North Korean hacking groups, though attribution remains under investigation.

This incident also pushes total crypto losses from 2026 hacks to more than $1.7 billion across 333 incidents. More importantly, it adds to a broader security pattern seen in attacks such as Bybit and KelpDAO, where attackers targeted trusted third-party infrastructure rather than directly compromising the core protocol or private keys.

Bitget says its cold wallets and private keys were unaffected, while its $464 million-plus Protection Fund is sufficient to cover the losses, as withdrawals began returning in phases from September 28.

The exchange also launched a recovery bounty and asked THORChain to block addresses linked to the attack. THORChain rejected selective blacklisting, saying its permissionless design doesn't allow it to freeze individual transactions.

But the debate also has an economic angle: as Bitget-linked funds moved through THORChain, network activity surged, with daily swap volume exceeding $500 million and fees climbing above $800,000 between September 24 and 26.

ARK Invest Brings Its $1.3B Venture Fund Onchain

ARK Invest is bringing its $1.3 billion ARK Venture Fund (ARKVX) onchain through Securitize, marking the first ARK fund to be tokenized.

ARKVX is an actively managed fund investing across private and public companies positioned around disruptive innovation. Its portfolio includes names such as OpenAI, Anthropic, Stripe and SpaceX, giving investors exposure to companies that are otherwise difficult to access before they go public.

Additionally, the fund's NAV per share has risen substantially from around $20 to above $60, reflecting the growth in the value of its underlying portfolio.

With this launch, Tokenized ARKVX becomes available on Ethereum to eligible investors, with Securitize providing the issuance and investor-access infrastructure.

Tokenization doesn’t change what investors actually own underneath. ARKVX remains the same closed-end interval fund with the same underlying portfolio and liquidity structure; what changes is the infrastructure through which ownership interests can be issued and held onchain.

This launch also deepens an existing relationship between the two firms, as ARK previously made a strategic investment in Securitize in October 2025, and bringing ARKVX onchain now turns that tokenization thesis into an actual investment product.

Ondo Brings BlackRock-Designed Portfolios Onchain

On September 24, Ondo launched Ondo Intelligent Portfolios, a suite of investment portfolios packaged into single onchain tokens. The first three are based on model portfolio strategies BlackRock developed for Ondo, while Ondo handles tokenization, issuance, and product operations.

And these are:

• BLKHIon — Ondo High Income: a nine-asset fixed-income portfolio spanning investment-grade, high-yield, and other bond strategies.
• BLKDIGon — Ondo Diversified Growth: roughly 70% equities and 30% fixed income and alternatives, including Bitcoin.
• BLKGRWon — Ondo High Growth: an equity-heavy allocation of roughly 95% equities and 5% Bitcoin.

Instead of managing each asset in the basket individually, investors can mint or redeem a single portfolio token. The underlying weights and scheduled rebalances are also visible onchain, giving holders a transparent view of each portfoliois positioning.

Five days after the public launch, adoption remains very early. The three BlackRock-designed portfolios account for roughly $1.9 million in tokenized value combined, while reported 24-hour trading volume is only around $3,500. BLKHIon currently accounts for more than half of the value across the three products.

The launch also extends an existing relationship between both firms. Ondo previously moved roughly $95 million of OUSG assets into BlackRock's BUIDL fund; this time, BlackRock is contributing the portfolio-construction models while Ondo turns them into onchain investment products.

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