Bitget Hit by Massive $463 Million Outflow After Hack

Crypto exchange Bitget has faced a massive exodus of customer assets following a $388 million hack last week. In the past 24 hours, roughly $463 million in net outflows was recorded by DefiLlama, with customers moving their funds off the platform.

The surge in withdrawals is the largest one-day net outflow since DefiLlama began tracking proof-of-reserves four years ago. Bitget's current reserves stand at around $5.7 billion, but Tuesday's outflows represent more than 10% of its total assets.

Bitget has started restoring withdrawals in stages, beginning with Bitcoin on Monday and followed by Ether and USDT. However, other tokens, fiat, and peer-to-peer services will only be available for withdrawal on October 2.