Bitget Resumes Withdrawals After $388M Hack

Bitget's CEO Gracy Chen announced that the cryptocurrency exchange is 'gradually back to usual' following a security breach that resulted in the loss of $388 million in user funds.

The company has resumed withdrawals for all tokens, including Bitcoin (BTC), Ether (ETH), and USDt (USDT), starting on Friday. This move comes after Bitget restored access to users' assets, which were previously frozen due to the security incident.

As part of its recovery efforts, Bitget's 'Protection Fund' has reached $309 million. The fund was initially set up in January 2022 with 5,500 BTC and is intended to reimburse users for potential losses not resulting from user or platform misconduct.