Bitget Suffers First Major Security Breach in Eight Years, Loses $388M

Bitget, a centralized crypto exchange, has suffered its first major security breach in eight years. On September 24, attackers exploited a third-party vulnerability to bypass withdrawal controls, resulting in approximately $388 million in unauthorized transfers.

The exchange's CEO, Gracy Chen, stated that investigators have identified the vulnerability used in the attack and have since fixed the issue and strengthened withdrawal controls. No new unauthorized transfers have been detected since the breach was contained.

Bitcoin withdrawals resumed on September 28 at 08:00 UTC on both the Bitcoin and BNB Smart Chain networks. The exchange is currently phasing service restorations, with other assets expected to be restored in due course.