Bitget CEO Gracy Chen expressed skepticism regarding the recovery of $387.5 million stolen during a security breach on September 24. The incident involved 19 unauthorized transactions across multiple networks, triggered by a vulnerability in a third-party security vendor's backend system.
Attackers used spoofed transaction data to bypass authorization protocols, draining assets from hot and warm wallets. Cold wallets and private keys remained secure. The initial loss estimate of $351.6 million was later revised to $387.5 million following detailed on-chain analysis.
The exchange's User Protection Fund, which held over $464 million before the attack, covered the entire loss. Customer balances were unaffected, and the reserve ratio remained above 100%. Bitget has pledged to replenish the fund to over $300 million within one week.
Bitget has initiated a bounty program offering a 5% reward for freezing stolen assets and an additional 5% for their recovery. The company is collaborating with forensic firms and law enforcement, while noting potential links to North Korean entities in the ongoing investigation.
