#BitgetCEOConfirms$388MStolenInHack
đš Bitget CEO Confirms $388M Stolen in Major Hack: Protection Fund to Fully Cover Losses đĄïžđ„
Bitget CEO Gracy Chen has officially clarified that the recent exchange exploit resulted in approximately $387.5 million to $388 million in stolen digital assetsâup from initial lower estimates.
The breach occurred after attackers compromised a critical backend system and manipulated transaction data, tricking internal systems into approving unauthorized transfers across multiple blockchains (including XRP Ledger, TRON, and Zcash). Investigators have linked the IP patterns and on-chain signatures to DPRK-affiliated hacking groups.
đ° Key Takeaways & Official Response:
Full Fund Guarantee: Bitget confirmed that its $464M+ Protection Fund will fully absorb the loss, ensuring user account balances remain safe and backed 1:1.
Recovery Operations: Bitget is collaborating with law enforcement, on-chain analytics teams, and cross-chain protocols like THORChain to track and freeze exploited wallet addresses.
System Hardening: Backend signing modules are undergoing comprehensive security revamps to prevent future spoofing vulnerabilities.
đ#BitgetDetailsSecurityIncidentTimeline #BitgetToken
đš Bitget CEO Confirms $388M Stolen in Major Hack: Protection Fund to Fully Cover Losses đĄïžđ„
Bitget CEO Gracy Chen has officially clarified that the recent exchange exploit resulted in approximately $387.5 million to $388 million in stolen digital assetsâup from initial lower estimates.
The breach occurred after attackers compromised a critical backend system and manipulated transaction data, tricking internal systems into approving unauthorized transfers across multiple blockchains (including XRP Ledger, TRON, and Zcash). Investigators have linked the IP patterns and on-chain signatures to DPRK-affiliated hacking groups.
đ° Key Takeaways & Official Response:
Full Fund Guarantee: Bitget confirmed that its $464M+ Protection Fund will fully absorb the loss, ensuring user account balances remain safe and backed 1:1.
Recovery Operations: Bitget is collaborating with law enforcement, on-chain analytics teams, and cross-chain protocols like THORChain to track and freeze exploited wallet addresses.
System Hardening: Backend signing modules are undergoing comprehensive security revamps to prevent future spoofing vulnerabilities.
đ#BitgetDetailsSecurityIncidentTimeline #BitgetToken
