Bitget Hit with $387.5M Loss as Attackers Drain Wallets

Bitget, a cryptocurrency exchange, has announced plans to restart withdrawals in stages after approximately $387.5 million was transferred from parts of its hot and warm-wallet infrastructure to attacker-controlled addresses.

The incident occurred on September 24 at 2:31 p.m. ET (6:31 p.m. UTC), when Bitget detected unauthorized transfers. The exchange stated that its cold wallets were unaffected, while deposits and trading continued operating.

The affected assets include XRP, Ether (ETH), Tether (USDT), Zcash (ZEC), USD Coin (USDC), USDT0, XAUt, BNB, Avalanche (AVAX), and Tron (TRX). The initial estimated asset loss was $351.6 million, but this figure was raised to include assets held on Zcash and TRON.

Bitget's protection fund will cover the financial damage, and customer balances remain intact. The exchange stated that 'The underlying vulnerability has been identified and remediated,' adding that the incident remains contained and no further unauthorized transfers are possible.