Bitget Resumes Withdrawals After $388M Security Breach
Bitget, a cryptocurrency exchange, has resumed crypto withdrawals following a $388 million security breach on September 24. The company stated that it had restored withdrawal services for the Bitcoin (BTC) network and Binance Smart Chain (BSC) network by September 28.
The attack allowed an attacker to gain access to internal credentials at a high level, exploiting a third-party security tool. This enabled them to make counterfeit withdrawals that circumvented risk controls, with private keys remaining uncompromised and cold wallets unaffected.
Bitget reported that $388 million in assets had been moved out of the bank as a result of the breach. The exchange emphasized that it has patched the vulnerability and contained the incident.
The company is working with Mandiant and SlowMist to conduct a forensic investigation, as well as collaborating with law enforcement and other exchanges to trace and recover stolen assets. Some impacted assets have been frozen through industry coordination.