Bitget Freezes $1.1M Amid $388M Cyberattack Aftermath

Bitget, a crypto exchange, has frozen $1.1 million in assets after being hit by a massive cyberattack last week that stole nearly $388 million. The company's CEO, Gracy Chen, said she doesn't expect a significant portion of the stolen funds to be recovered.

The attack compromised two security products from third-party vendors and gave attackers access to Bitget's production wallet systems. According to reports by Mandiant and SlowMist, the earliest malicious activity was recorded on August 31, when an unknown zero-day vulnerability in one of the products was exploited.

Before the theft, Bitget's protection fund had a value of over $464 million. After the attack, it fell to under $200 million, but has since been restored to over $300 million using the company's own capital.