Bitget starts phased withdrawal resumption following $388 million exploit
The exchange said it has patched the vulnerability, and losses from the incident will be fully covered by a user protection fund.
Bitget was hacked for $387.5 million on September 24, with the attackers exploiting a backend wallet system. The stolen assets included Ether, XRP, USDT, USDC, Avalanche, and BNB across multiple networks. According to Bitget CEO Gracy Chen, the hack bore the hallmarks of North Korean state-sponsored threat actors.
The hackers moved some of the stolen crypto through THORChain. CoinDesk reported that 27 successful swaps moved about 2,390 ETH into 75.2 BTC. THORChain rejected a request from Bitget to block the hacker.
Bitget has since restored services, resuming Bitcoin withdrawals and planning to resume Ether and Tether withdrawals. The exchange said it patched the vulnerability and will cover losses from the incident with its user protection fund.
Brief written by urgent.news from CoinDesk, Tom's Hardware, Cointelegraph, The Block — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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