Bitget Resumes Phased Withdrawals After $388 Million Crypto Heist

Bitget, a cryptocurrency exchange, has resumed phased withdrawals after a $388 million exploit on September 24. The attack targeted a vulnerability in a third-party security product used by the exchange.

The hacker exploited this weakness to send unauthorized withdrawal commands to Bitget's wallet system, bypassing risk controls and transferring funds across multiple networks.

Bitget has confirmed that its private keys were not compromised, and user balances and cold wallets remained unaffected. However, it is investigating how the exchange assesses and deploys third-party security products to strengthen its controls.

The $388 million loss makes it the largest reported crypto theft so far this year, surpassing exploits on KelpDAO and Drift Protocol. Bitget has pledged to cover all losses from the incident through its User Protection Fund, which holds 5,500 BTC.