Cryptocurrency exchange Bitget suffered a cyberattack resulting in the theft of approximately $388 million. CEO Gracy Chen stated that the company does not expect to recover the majority of the stolen assets, citing historical recovery statistics for similar incidents. So far, the platform has identified and frozen only $1.1 million.
The company confirmed that user accounts remained unaffected by the breach. Bitget utilized its own funds to restore its protection fund, which had dropped to less than $200 million following the attack but has since recovered to over $300 million. This fund is separate from customer balance reserves.
Investigations by Mandiant and SlowMist revealed that attackers compromised two third-party security products to gain privileged internal access. The hackers exploited a zero-day vulnerability identified in logs dating back to August 31. While they bypassed withdrawal processes, the private keys for the wallets were not stolen.
Bitget has not disclosed the names of the affected security vendors, citing security risks. Although initial technical indicators suggested potential involvement of North Korean groups, the company stated that further details are required to confirm the identity of the attackers.
