Bitget Reopens Withdrawals After $388 Million Hack

Bitget, a cryptocurrency exchange, has begun restoring withdrawals following a security breach that saw hackers make off with approximately $388 million. The breach occurred on September 24 and involved attackers exploiting a zero-day vulnerability in a third-party security product.

The hackers used exposed internal credentials to bypass risk controls and inject forged withdrawal commands, leading to the transfer of funds from hot and warm-wallet addresses. Bitget's Protection Fund, which holds 5,500 BTC valued at over $464 million, is expected to cover the financial impact of the incident.

As of September 28, Bitget had processed approximately 4,098 BTC in withdrawals, totaling around 9,585 transactions. The exchange has scheduled further withdrawals for later dates, including Ether (ETH) on September 29 and USDT on September 30. Other tokens, fiat, and peer-to-peer services are expected to be available again by October 2.

Mandiant and SlowMist are assisting Bitget with the forensic investigation and fund tracing, which will help determine the full extent of the breach and identify any potential avenues for recovery of stolen assets.