Bitget Reports $463M Outflows After $388M Hack
Bitget sees $463 million in outflows as it recovers from $388 million hack.
In brief
Bitget sees $463 million in outflows as it recovers from $388 million hack. Bitget recorded $463 million in net outflows following a $388 million hack, with the protection fund dropping below $200 million. Originally reported by Pymnts.
Bitget's $463 Million Outflows
Bitget recorded around $463 million in net outflows after suffering this year’s worst cryptocurrency hack.
Hack Details
Bitget reported $387.5 million stolen in an attack involving unauthorized transfers from hot wallets.
Withdrawals Suspended
Bitget suspended withdrawals while conducting a security review and activating emergency response procedures.
Staggered Withdrawal Rollout
Bitget reopened withdrawals in stages starting with bitcoin on Monday, followed by ether and usdt stablecoin.
Protection Fund Drops
Bitget’s $464 million user protection fund now stands below $200 million after absorbing the hack’s financial impact.
CEO Response
Bitget CEO Gracy Chen stated the fund will be replenished using company capital to reach $300 million within one week.
What to remember
Bitget recorded $463 million in net outflows following a $388 million hack, with the protection fund dropping below $200 million.
