Bitget Copes with $387.5 Million Hack Fallout

Bitget, a major cryptocurrency exchange, is facing a significant challenge after falling victim to a $387.5 million cyberattack last week.

The hack has left Bitget with a substantial loss, and according to CEO Gracy Chen, the exchange does not expect to recover much of the stolen funds.

About $1.1 million has been frozen in the aftermath of the attack, but this amount is still significantly short of the total loss.

Bitget's protection fund, which stood at over $464 million before the theft, took a hit and fell below $200 million. However, with the company's own reserves, the fund has since been replenished to more than $300 million.

The good news is that customer account balances were unaffected by the hack, and withdrawals for Bitcoin, Ether, and USDT have resumed. Withdrawals for other cryptocurrencies will resume on Friday, October 2.