Bitget Sees $334M Bitcoin Outflow After Resuming Withdrawals
Bitget, the sixth-largest cryptocurrency exchange by trading volume, has seen massive withdrawals of Bitcoin after it resumed customer access following a recent hack. Over 4,000 Bitcoins worth $334 million at today's prices were withdrawn in just one hour.
In an interview with Bloomberg Television, Bitget CEO Gracy Chen confirmed that the withdrawals had stabilized after the initial surge, but acknowledged that hundreds of millions of dollars in Bitcoin left the exchange during the first hour of withdrawal restart.
Chen attributed the hack to attackers exploiting vulnerabilities from third-party products to steal internal credentials and bypass risk controls. No cold storage funds were affected, according to Chen.
The exchange froze withdrawals after blockchain experts flagged suspicious activity, later revealing that the attack was 'highly consistent with known patterns of North Korean hacker organizations.'