Bitget Reopens Bitcoin Withdrawals After $387.5M Hack

Bitget has lifted its suspension on Bitcoin withdrawals following a $387.5 million hack on September 24, which forced the exchange to freeze customer funds.

The attackers exploited a third-party security product's vulnerability to obtain high-level internal network credentials and create fraudulent withdrawal instructions that bypassed existing risk controls, according to Bitget.

The company says no private keys were leaked and its cold wallets remained unaffected. User account balances remain unchanged, while the exchange's User Protection Fund will cover the financial losses from the breach.