Bitget Experiences Massive Outflows Following Hack-Related Withdrawal Resumption

Bitget, the cryptocurrency exchange hit by a hack last week, experienced significant outflows after resuming withdrawals. According to Bloomberg, the exchange recorded about $463 million in net outflows over a 24-hour period, which is more than 10% of its current reserves of $5.7 billion.

This massive outflow was the exchange's biggest single-day net outflow since DeFiLlama began tracking exchange reserves four years ago. The exchange had initially suspended withdrawals following the hack, but has now resumed them for Bitcoin and will sequentially restore withdrawals for other assets, including Ether and Tether, starting October 2.

Bitget's protection fund, which was previously at $464 million, has fallen below $200 million. However, CEO Gracy Chen stated that the company would inject its own capital to restore the fund to more than $300 million within a week.