Bitget Tests Its Final Promise Eight Days After the Hack
By Damilola Esebame
AI summary of the source article
Bitget entered the fourth and final phase of its withdrawal restoration plan on 2 October, covering remaining altcoins, fiat withdrawals, and peer-to-peer services following a $387.5 million hack on 24 September. Attackers exploited a backend wallet-processing system without stealing private keys, routing assets across THORChain and Zcash. Bitget’s Protection Fund absorbed the financial loss, standing at $309 million by 30 September, while its latest proof-of-reserves report showed 131% coverage across 19 cryptocurrencies. Following record net outflows of $463 million, the exchange saw $231 million in deposits return as Mandiant and SlowMist assist ongoing forensic investigations.
Why it matters
The successful execution of the final withdrawal phase will determine whether Bitget completes its operational recovery after experiencing a record $463 million in single-day net outflows.
Key facts
- Bitget suffered a $387.5 million hot-wallet breach on 24 September that exploited a backend wallet-processing system.
- The exchange's Protection Fund absorbed the loss, standing at $309 million alongside 131% overall reserve coverage.
- Bitget recorded $463 million in net outflows over 24 hours ending 29 September, followed by $231 million in returning deposits.