$388M Crypto Hack: Bitget Faces Uncertain Recovery
Bitget, a major cryptocurrency exchange, has been hit by a massive cyberattack that saw $388 million stolen from its users. In an interview with CNBC, CEO Gracy Chen revealed that approximately $1.1 million of the stolen funds had been frozen.
The company's protection fund, valued at over $464 million before the hack, was drawn down to below $200 million following the theft, but has since been restored to more than $300 million. Chen stated that the financial impact of the attack would be absorbed by Bitget rather than passed on to its users.
The exchange's Proof of Reserves showed a self-reported overall reserve ratio of 131%, with all 19 covered assets backed above 100%. Investigation reports found that the attackers compromised two third-party security products, exploiting a previously unknown vulnerability to gain access to Bitget's production wallet systems.