Cryptocurrency exchange Bitget is resuming normal operations following a security breach that caused user losses of $388 million. CEO Gracy Chen confirmed that withdrawals for all tokens will be fully restored by Friday, with access to Bitcoin, Ether, and USDt already back online.
The company utilized its Protection Fund to mitigate the financial impact of the incident. This reserve, established in January 2022 with 5 500 BTC, has now reached a value of $309 million. The fund was designed to cover losses not caused by user or platform misconduct.
Bitget is currently investigating the attack, considering potential involvement from North Korean hackers or an inside job. The exchange has introduced a bounty program, offering 5% of frozen or recovered assets to those who provide information leading to the return of funds.
Blockchain investigator ZachXBT recently identified that hackers moved approximately $3.8 million in Zcash to the Ironwood pool. This transfer accounts for roughly 14% of the 18 917 ZEC stolen during the security incident.
