Bitget says it expects limited recovery from $388 million hack
Bitget cyberattack response: see how the exchange froze $1.1M and restored funds Get the latest on withdrawals, security findings, and what users need to know
Crypto exchange Bitget said it has frozen about $1.1 million of the nearly $388 million stolen in a cyberattack last week, according to CEO Gracy Chen.
Chen said the company is not expecting to recover much of the missing funds, while emphasizing that Bitget has restored its protection fund to more than $300 million using its own capital. She added that user balances were not affected and that the exchange is absorbing the financial impact itself.
Investigators from Mandiant and SlowMist said attackers first compromised thirdparty security products before reaching Bitget’s production wallet systems. Bitget said withdrawals for bitcoin, ether and USDT have resumed, with other cryptocurrencies and services scheduled to return on Friday.