Bitget CEO Addresses $387 Million Hack, Says Exchange Can Absorb Further Losses
- —The $387.5 million hack on September 24 exploited Bitget's internal withdrawal process
- —About $1.07 million has been frozen — just 0.28% of the loss; returned funds remain undisclosed
- —Bitget's protection fund is back above $300 million, with over $1 billion in capital outside it
- —Certora estimates roughly $238 million left after Bitget's initial withdrawal block
Why it matters: The case shows even major exchanges are exposed to North Korean attacks, and how fast funds are recovered will shape client trust.
Source: BeInCrypto