Bitget Resumes Bitcoin Withdrawals After $387.5M Security Breach

Bitget, a cryptocurrency exchange, has resumed Bitcoin withdrawals after detecting and addressing a security breach that resulted in unauthorized transfers totaling approximately $387.5 million.

The incident occurred on September 24, when a flaw in a third-party security product was exploited to bypass risk controls and initiate fraudulent withdrawal commands.

Initially, the exchange estimated the affected amount at $351.6 million, but later revised it to $387.5 million after identifying additional affected Zcash and TRON transfers.

The loss is covered by Bitget's Protection Fund, valued at over $464 million.