Bitget customers withdrew over 4,000 bitcoin in the first hour after the exchange reopened withdrawals following a $388M hack.
After Bitget resumed withdrawals following a hack, its CEO stated that investors pulled more than 4,000 bitcoin, valued at over $334 million at current exchange rates, within a single hour.
In a Bloomberg Television interview on Tuesday, Bitget CEO Gracy Chen noted that withdrawal activity from the platform had stabilized after that initial flurry of bitcoin movements.
Last week, attackers drained $388 million in cryptocurrency from the hot wallets of the Seychelles-based exchange, which is registered in Victoria.
Chen remarked, “The withdrawals actually stabilized a lot today,” adding, “Those hundreds of millions [in bitcoin withdrawals] actually most of them happen on the first hour of the withdrawal restart.”
On Monday, Chen posted on X that 9,585 orders involving 4,098 bitcoin had been processed. Bitget is permitting customers to access their funds in staged withdrawals.
The exchange halted withdrawals when blockchain analysts noticed funds moving out of the platform. Subsequently, Bitget reported that the attack methodology matched “highly consistent with known patterns of North Korean hacker organizations.”
According to Chen, cold storage assets were not affected; instead, the hackers “exploited vulnerabilities from third-party products to steal internal credentials, then used those credentials to send fraudulent withdrawal commands that bypassed our risk controls.”
Chen further stated that Bitget is replenishing its protection fund with its own capital after the fund shrank. Bloomberg noted that the fund had fallen below $200 million, down from $464 million prior to the intrusion.
Bitget called this the first “security incident of this nature in eight years.”
“The incident remains contained, and no further unauthorized transfers are possible,” the exchange stated.
Based on CoinGecko data, Bitget ranks sixth in trading volume, having processed $811 million in the previous day. Most of its clientele is situated in Asia.
North Korea-linked hackers have a history of targeting cryptocurrency exchanges and are considered among the most advanced cybercriminals.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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