$388 Million Hack: Bitget Exchanges Reveals Third-Party Product Vulnerabilities Exploited

Bitget, a prominent cryptocurrency exchange, has revealed that the massive $388 million hack last week was made possible by vulnerabilities in third-party products.

The CEO of Bitget, Gracy Chen, stated that the hacker exploited these weaknesses to steal internal credentials and send fraudulent withdrawal commands that bypassed the exchange's risk controls.

No private keys were compromised, and cold wallets remained unaffected, according to Chen. The affected systems have been isolated, and the vulnerability has been remediated.

The CEO emphasized that 100% of user funds are covered by the Bitget Protection Fund, a self-funded reserve of 5,500 Bitcoin (BTC) stored in publicly visible wallets.