Bitget Sees Record Outflows After $388M Hack

Bitget, a top-10 cryptocurrency exchange by trading volume, suffered a major blow when hackers stole US$388 million from its platform last week. The exchange has been working to restore withdrawals and reassure customers that their funds are safe.

In the aftermath of the hack, Bitget recorded a massive US$463 million in net outflows over 24 hours as customers withdrew their assets from the platform. This represents more than 10% of its current reserves, which total around US$5.7 billion.

The exchange is reopening withdrawals in stages, starting with Bitcoin on Monday, followed by Ether and USDT. Other tokens, fiat, and peer-to-peer services will resume on October 2, according to Bitget's website.

Bitget CEO Gracy Chen stated that the Protection Fund, which had a balance of over US$464 million, has fallen below US$200 million. The company aims to replenish the fund using its own capital and targets to have it above US$300 million within one week.