#BitgetCEOConfirms $388MStolenInHack
Bitget CEO Gracy Chen confirmed that approximately $387.5 million in crypto assets were transferred to attacker-controlled addresses during the September 24 security incident. The figure increased from the initial $351.6 million estimate after additional Zcash and TRON transfers were identified.
According to Bitget, the attackers did not obtain private keys. Instead, they compromised a backend wallet system, spoofed transaction information, and triggered the platform’s authorization process. Bitget says the vulnerability has since been identified and remediated.
Bitget also says its User Protection Fund exceeds $464 million and that user balances remain unaffected. Withdrawals are being restored in phases while additional security checks continue.
Discussion:
“Bitget’s confirmed $387.5M loss highlights how critical backend security and transaction verification are for centralized exchanges. The key focus now is fund recovery, transparent incident reporting, and safely restoring withdrawals while protecting user assets.”
Bitget CEO Gracy Chen confirmed that approximately $387.5 million in crypto assets were transferred to attacker-controlled addresses during the September 24 security incident. The figure increased from the initial $351.6 million estimate after additional Zcash and TRON transfers were identified.
According to Bitget, the attackers did not obtain private keys. Instead, they compromised a backend wallet system, spoofed transaction information, and triggered the platform’s authorization process. Bitget says the vulnerability has since been identified and remediated.
Bitget also says its User Protection Fund exceeds $464 million and that user balances remain unaffected. Withdrawals are being restored in phases while additional security checks continue.
Discussion:
“Bitget’s confirmed $387.5M loss highlights how critical backend security and transaction verification are for centralized exchanges. The key focus now is fund recovery, transparent incident reporting, and safely restoring withdrawals while protecting user assets.”