Bitget Resumes Withdrawals as Protection Fund Tops $309M
Bitget's CEO Gracy Chen announced on Wednesday that the cryptocurrency exchange is working to restore normal operations after a security breach led to the loss of $388 million in user funds.
The exchange has already restored access for users to Bitcoin (BTC), Ether (ETH), and USDt (USDT) and plans to resume withdrawals for all tokens on Friday.
Bitget's internal 'Protection Fund' has reached $309 million, which was established to cover losses tied to security events. Chen stated that the fund absorbed the financial impact of the incident.
The exchange has not ruled out potential responsible parties, including insider or North Korean-linked attackers, and is working with investigators to recover stolen assets.
ZachXBT, a blockchain investigator, reported that a portion of the stolen funds was moved into Zcash (ZEC) liquidity infrastructure, representing about 14% of the stolen ZEC.