In a recent cyberattack, Bitget lost nearly $388 million, with only about $1.1 million currently frozen as the exchange works to trace and recover the stolen assets. CEO Gracy Chen indicated that past experiences with similar hacks lead her to believe that substantial recovery is unlikely.
Despite the theft, Bitget claims that user account balances remain unaffected, and the exchange's protection fund, initially valued at over $464 million, was drawn down to below $200 million but has since been replenished to over $300 million. Chen emphasized that the financial impact of the hack is being absorbed by Bitget itself, rather than being passed on to users.
Investigations revealed that the attackers exploited vulnerabilities in third-party security products to gain access to Bitget's systems, employing sophisticated methods to erase traces of their activities. While withdrawals for major cryptocurrencies have resumed, the exchange is still working on restoring services for other assets.
The incident raises concerns about the security measures in place at cryptocurrency exchanges and the ongoing risks associated with digital asset management