Bitget Falls Victim to Sophisticated Theft Tactic

Bitget has confirmed that it was tricked into approving its own $388 million theft. The exchange raised its initial loss estimate after counting transfers on Zcash and TRON, bringing the total to $387.5 million. This amount surpasses the initial estimate of $351.6 million.

The attackers exploited a flaw in Bitget's wallet infrastructure, compromising a critical backend system that allowed them to spoof transaction data and trigger the exchange's authorization process. CEO Gracy Chen stated that 'the attacker compromised a critical backend system within our wallet infrastructure, used it to spoof transaction data, and triggered our authorization process to move funds out.'

Bitget has identified the vulnerability and taken steps to rectify the issue. The exchange is also cooperating with investigators from Mandiant and SlowMist.