Bitget Sees Normal Operations Return After Security Breach

Bitget has announced that it is moving towards normal operations after a security breach in which $388 million in user funds was lost.

The exchange, led by CEO Gracy Chen, reported that withdrawals for all tokens will resume on Friday. This comes after partial restoration of access to Bitcoin (BTC), Ether (ETH), and USDt (USDT) had already been implemented.

The company's Protection Fund, which was designed to support users in cases where losses arise from incidents on the platform side, has reached $309 million. This fund was established with 5,500 BTC in January 2022 and is intended to rapidly respond to financial impacts of security breaches.

While Bitget says it has restored access for users to major assets, investigators have continued monitoring on-chain activity. They reported movements of stolen funds, including $3.8 million in Zcash (ZEC), into the network's Ironwood pool.