Bitget Protection Fund to Cover $388 Million Asset Loss
CEO Gracy Chen said the exchange will replenish the fund to at least $300 million within one week after using it.
Bitget will use its user protection fund to cover about $388 million in assets transferred during a security breach, with the exchange promising to restore the fund to at least $300 million within one week of using it.
Bitget CEO Gracy Chen said the attacker exploited a vulnerability in a third-party security product to obtain internal credentials. The attacker then sent forged withdrawal instructions to the wallet system and bypassed risk controls.
Chen said private keys were not exposed and cold wallets were not affected. Bitget has fixed the vulnerability and said the incident is fully controlled.
The exchange has also started an asset-recovery effort. It plans to share confirmed details about the vulnerability and attack with relevant industry participants. The attacker’s addresses and blockchain-tracking data have been made public.
