Bitget Expects Little Recovery From $388 Million Hack as Only $1.1 Million Is Frozen
Updated
Updated · CNBC · Oct 2
Bitget Expects Little Recovery From $388 Million Hack as Only $1.1 Million Is Frozen
2 articles · Updated · CNBC · Oct 2
Summary
$1.1 million of the nearly $388 million stolen from Bitget has been frozen, but CEO Gracy Chen said she does not expect much of the money to be recovered.
Sept. 30 investigation reports from Mandiant and SlowMist said attackers exploited a zero-day flaw in one of two third-party security products, gained privileged internal access and bypassed normal withdrawals without stealing private keys.
Bitget said user balances were unaffected and that it used its own capital to rebuild its protection fund after Bloomberg calculated it had fallen from more than $464 million to below $200 million; it has since been restored to above $300 million.
Withdrawals for bitcoin, ether and USDT have resumed, with remaining crypto, fiat and peer-to-peer services scheduled to restart on Friday.
Chen declined to name the affected vendors and said attribution remains unresolved, backing away from earlier indications that the attack resembled known North Korean operations.