Bitget Resumes Withdrawals After $388 Million Security Incident

Bitget has started to resume withdrawals in phases after a security incident on September 24 drained about $388 million from the exchange. The incident involved unauthorized transfers that originated from Bitget's hot and warm wallet infrastructure, with certain assets affected across multiple networks.

The attacker used a flaw in a third-party security product to obtain high-level internal credentials, allowing them to send 'fraudulent withdrawal commands to the wallet system,' according to Bitget. The exchange stated that its private keys were not compromised, and user balances remained unaffected.

Bitget's User Protection Fund, which holds 5,500 BTC, will cover all losses from the incident. The fund is expected to return to its $300 million baseline within a week, as previously announced by CEO Gracy Chen.