Bitget Suffers Record $463 Million Outflow After Hack

Crypto exchange Bitget is facing significant customer outflows after being hacked last week. According to recent data, around $463 million in assets have left the platform in a single day, making it the largest one-day net outflow since DefiLlama started tracking proof-of-reserves four years ago.

This massive exodus occurred as Bitget began restoring withdrawals, starting with Bitcoin, followed by Ether and USDT. The exchange currently holds around $5.7 billion in reserves, despite this significant withdrawal of customer funds.

The hack last week resulted in a loss of approximately $388 million for the platform's customers, leading to widespread panic and a rush to withdraw assets from Bitget. However, it seems that the platform has not yet fully regained user trust, with these substantial outflows serving as a testament to the ongoing uncertainty.