Bitget Restarts Bitcoin Withdrawals as $388M Hack Investigation Widens

Key Takeaways

• Bitget’s statement shared with Bitcoin.com News explains that the exchange traced its $388M breach to stolen credentials obtained through a third-party security flaw.
• Bitget processed 9,585 BTC withdrawals totaling 4,098 BTC by 9 a.m. UTC on Sept. 28.
• Bitget plans to restore ETH withdrawals Sept. 29 and release its security report this week.

Bitget’s $388M Breach Traced to Third-Party Security Flaw

Eight years without a security incident of this magnitude came to a screeching halt for Bitget on Sept. 24, when attackers exploited a vulnerability in a third-party security product and made off with approximately $388 million.

Four days later, according to a statement shared with Bitcoin.com News, the exchange is reopening its withdrawal gates, beginning with bitcoin. Bitget says its $464 million-plus User Protection Fund remains available to protect customers, while onchain investigators continue tracing the stolen assets. The latest disclosure also reveals a peculiar twist: The attackers didn’t need to steal private keys to pull off the heist.

In its Sept. 28 statement, attributed to CEO Gracy Chen, the exchange acknowledged the gravity of the incident, explaining that its previous security record was no excuse for what happened.