Users of the Bitget exchange withdrew more than 4,000 bitcoins within the first hour after the platform resumed operations. According to CEO Gracy Chen, this volume of transactions was equivalent to over $334 million at current market prices. The company processed 9,585 withdrawal orders during this period.
The surge in activity followed a security breach that resulted in the theft of $388 million in digital assets from the exchange's hot wallets. The company stated that attackers exploited vulnerabilities in third-party products to obtain internal credentials, which allowed them to bypass existing risk control systems.
Bitget confirmed that the incident did not affect funds held in cold storage. Following the attack, the company's protection fund decreased from $464 million to below $200 million. The exchange is currently using its own capital to replenish the fund and is processing customer withdrawals in phases.
The exchange, which is headquartered in Victoria, Seychelles, noted that this was its first major security incident in eight years. Bitget currently ranks as the sixth-largest exchange by trading volume, with $811 million in transactions recorded over the last 24 hours. The platform's user base is primarily located in Asia.
