Bitget CEO Talks About the $387 Million Hack. Is the Exchange Safe?

Attackers stole approximately $387.5 million from Bitget on September 24 by manipulating its internal withdrawal process. According to Chainalysis, the attack was carried out by North Korean hackers.

So, is Bitget now safe to use? What if the next hack is bigger? And what security measures are the exchange taking? BeInCrypto sat down with the exchange's CEO, Gracy Chen, to answer these questions.

Latest Updates on the Bitget Hack

As of October 6, the exchange has reopened withdrawals, while investigators continue tracing the stolen funds:

• Withdrawals: Bitget says its phased reopening finished on October 2.

• Frozen funds: Its tracker lists approximately $1.07 million frozen, about 0.28% of the loss. The amount actually returned remains undisclosed.

• Attribution: Chainalysis now attributes the theft to North Korean actors.

• Investigation: The affected third-party security vendors remain unnamed publicly.

In an exclusive BeInCrypto interview recorded before withdrawals fully resumed, CEO Gracy Chen defended Bitget's financial position. She also acknowledged gaps in its understanding of the attack.

https://www.youtube.com/watch?v=b1YeR_aytiA&t=839s

If another hack exceeded the protection fund, could Bitget cover it?