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Bitget restores withdrawals after $388M hack

Cryptocurrency exchange Bitget is gradually returning to normal operations after a security breach that drained $388 million of user funds.

CEO Gracy Chen said in an X post on September 30 that withdrawals for all tokens would resume on Friday, October 2. Access to Bitcoin, Ether and USDT had already been restored.

The exchange’s Protection Fund has recovered to $309 million. The fund was created in January 2022 with 5,500 BTC to cover user losses from security incidents. Chen said the fund absorbed the financial impact of the attack.

The hack hit Bitget’s hot and warm wallets on September 24. The company has not ruled out an inside job or North Korean hackers as the culprits, and has launched a bounty program offering rewards for frozen and recovered funds.

Blockchain investigator ZachXBT reported that wallets tied to the hack moved about $3.8 million in Zcash into a privacy pool, roughly 14 percent of the stolen ZEC. Bitget’s reserves snapshot showed 131 percent overall coverage.

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