Bitget Resumes Withdrawals After $387.5M Hack, But Exchange's Long-Term Prospects Remain Uncertain

Crypto exchange Bitget has resumed withdrawals after a massive $387.5 million hack.

The breach, which involved an attacker compromising the internal wallet infrastructure system and manipulating transaction data, was initially estimated to be $351.6 million but later revised to $387.5 million after accounting for additional transactions involving Zcash and TRON.

According to Bitget, the vulnerability has been resolved and cold wallets remain unaffected, with investigations continuing in collaboration with Mandiant and SlowMist.

Roman Prudnikov, co-founder of Rubin, highlighted that the attacker didn't gain access to private keys and instead 'manipulated the transaction history within the back-end system and triggered unauthorized withdrawals by exploiting a logic vulnerability.'

The stolen assets were distributed across various wallets and transferred to other blockchains, with TRM Labs observing the fragmentation of ETH and XRP reserves as well as routes used to convert a share of the funds into Bitcoin via THORChain.