Bitget Resumes Crypto Withdrawals After $388M Security Breach

After the security incident on September 24, Bitget has started to resume the crypto withdrawals, and the withdrawals of the BTC network and BSC network are resumed on September 28. The exchange stated that the process of restoring was made in a phased manner as part of other security reviews and remediations that took place on its withdrawal infrastructure, without impacting on user account balances.

Bitget Identifies Attack Path After $388M Crypto Hack Incident

Bitget said it also discovered that the attacker was able to gain access to internal credentials at a high level by exploiting a third-party security tool. Those credentials were then used to make withdrawals that were counterfeit and caused abnormal transfers that circumvented risk controls.

“Private keys were not compromised and cold wallets were not affected,” Bitget said. The crypto exchange also noted the flaw has been patched and the incident is contained.

The exchange estimated the total assets moved out of the bank are around $388 million. It explained that the amount is based on the latest amount that transactions were reconciled with to the original incident but not additional amounts that were not authorized after containment.