Bitget Resumes Withdrawals After $388 Million Hack, Targets Full Recovery

Crypto exchange Bitget has begun gradually resuming withdrawals after a massive hack worth about $388 million. The breach occurred on September 24, when abnormal fund transfers were detected across multiple networks from Bitget's hot and warm wallets.

According to an investigation, the attacker exploited a vulnerability in a third-party security product used by the exchange to gain high-level internal access. The attacker then issued false withdrawal instructions to the wallet system, bypassing risk-control procedures.

The hack resulted in the theft of $388 million in crypto assets, making it the largest reported cryptocurrency hack this year. Bitget assures that private keys were not compromised and customer account balances and cold wallets were unaffected.

To recover from the losses, Bitget will fully cover the costs through its user protection fund, which holds 5,500 Bitcoin. The exchange is also operating a bounty program that pays 5% of recovered funds to tipsters who directly help freeze or recover the stolen assets.