Bitget Hack Exposed Vulnerabilities in Third-Party Products

Bitget, a major cryptocurrency exchange, has suffered a massive hack worth $388 million. According to CEO Gracy Chen, the hacker exploited vulnerabilities in third-party products to gain access to internal credentials and bypass risk controls.

The exploiter used these credentials to send fraudulent withdrawal commands that were not detected by the exchange's security measures. However, it is reassuring to note that no private keys or cold wallets were compromised during the hack.

Bitget has now contained the incident and isolated affected systems to prevent further compromise. The company has also notified the relevant third-party vendor and disabled the affected functionality pending a fix.

The exchange temporarily halted withdrawals following the hack but has begun a phased resumption, starting with Bitcoin (BTC) on Monday. Ethereum (ETH) withdrawals are scheduled to resume on Tuesday, followed by USDT on Wednesday and other tokens, fiat currencies, and peer-to-peer trades on Friday.