Bitget Customers Flood Out Over $334M in BTC After Hack

Bitget's customers withdrew over $334 million in Bitcoin in just one hour after the exchange resumed withdrawals following a major hack. The attack, which occurred last week, saw hackers steal $388 million from Bitget's hot wallets.

The hacked funds were not stored in cold storage, but rather attackers exploited vulnerabilities in third-party products to steal internal credentials and bypass risk controls, according to Bitget CEO Gracy Chen.

Chen told Bloomberg Television that withdrawals stabilized after the initial hour-long rush, with 9,585 orders of 4,098 Bitcoins processed in the first phase of withdrawal restart. The exchange is allowing customers to withdraw funds in phases.