Bitget Confirms $387.5 Million Stolen in Hack as Withdrawals Remain Suspended
Key Facts
Bitget confirmed that attackers stole $387.5 million from exchange wallets on September 24. BeInCrypto reported that withdrawals remain suspended on the platform, while the company stated its protection fund covers the losses.
The security breach led to a massive drain of funds from both hot and cold wallets after internal systems reportedly approved unauthorized transactions. These developments have increased counterparty risk concerns, despite the exchange's assurances regarding the protection fund's coverage.
Latest Updates · 1
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Update: Cybersecurity firms Mandiant and SlowMist are currently leading the forensic investigation into the breach to determine how the hack occurred. These specialized firms are working to track the stolen funds and examine the exchange's internal systems.