Security· ★★★★· bearish·

Bitget Discloses Details of $388M Hack and Recovery Timeline

  • —Loss estimate revised from $351.6M to $387.5M after transaction reconciliation
  • —11 blockchains and 12 assets affected; cold wallets were not compromised
  • —BTC, ETH and USDT withdrawals resumed; remaining tokens and P2P set for October 2
  • —Proof of Reserves shows 131% coverage; Protection Fund replenished above $300M
Why it matters: The breach exposed weaknesses in exchange operational systems rather than private keys, and recovery speed will shape trust in Bitget.
#BTC#ETH#USDT
Source: UseTheBitcoin
More on this
Security · Sep 29
Bitget discloses cause of $388M hack: zero-day in third-party security software
 Security · Sep 29
Bitget users withdraw $463M in 24 hours after $388M hack — record outflow for DefiLlama
 Exchanges · Sep 16
Bitget discloses reserves for 45th straight month with 122% ratio