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Bitget resumes Bitcoin withdrawals after $387.5 million crypto heist
Bitget said the flaw is fixed and its User Protection Fund will cover losses as it restores services in stages.
- On Monday, Bitget resumed Bitcoin withdrawals at 08:00 UTC, marking the first phase of service restoration following the September 24 security breach that drained approximately $388 million from the exchange's hot and warm wallets.
- Bitget CEO Gracy Chen stated during a September 28 livestream that attackers exploited a third-party security product vulnerability to obtain high-level internal network credentials, then used them to generate fraudulent withdrawal commands bypassing risk controls.
- Bitget's User Protection Fund, holding about $464 million, will cover the losses in full, while investigators including Mandiant and SlowMist continue reviewing the approximately $387.5 million theft.
- Ether withdrawals are set for Tuesday across Ethereum, BSC, Arbitrum, Base, and Optimism, followed by USDT withdrawals on Wednesday across Ethereum, BSC, Solana, and Tron as part of the phased restoration schedule.
- To address the incident, Bitget launched a bounty program offering 5% rewards for frozen or recovered stolen assets, while remaining services including fiat and peer-to-peer transactions are scheduled for return on Friday.
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cybernoz.comBitget resumes Bitcoin withdrawals after $387.5 million crypto heist
Cryptocurrency exchange Bitget has resumed Bitcoin withdrawals suspended after suspected North Korean hackers breached its systems last week and stole over $350 million.
·Melville, United States
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ZachXBT Says Bitget Hack Funds Are Moving Through Cross-Chain Bridges and Wasabi
The post ZachXBT Says Bitget Hack Funds Are Moving Through Cross-Chain Bridges and Wasabi appeared first on Coinpedia Fintech News Blockchain investigator ZachXBT said funds from the $387.5 million Bitget hack are being moved across chains and into mixing services including Wasabi. He alleged Chinese illicit actors are laundering the funds on behalf of suspected North Korean attackers and seeking order support through Discord and Telegram channe…
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