Bitget Suffers Record Net Outflows Amid Hacking Fallout
Hacked crypto exchange Bitget suffered a significant net outflow of $463 million in the 24 hours leading up to Tuesday, as customers rushed to withdraw their assets following last week's $388 million theft.
The massive exodus represents more than 10% of Bitget's current reserves, which stand at around $5.7 billion. The exchange has begun restoring withdrawals, starting with Bitcoin on Monday, followed by Ether and USDT, before resuming peer-to-peer services and other token withdrawals on October 2.
Despite the exchange's assurance that the Protection Fund would cover customer losses, its balance has fallen below $200 million, raising concerns about Bitget's ability to recover from the hack. In an email response to Bloomberg, CEO Gracy Chen stated that the company would replenish the fund using its own capital and target a balance above $300 million within one week.