Bitget Confirms $388 Million Loss in Security Breach

Bitget CEO Gracy Chen reported that approximately $388 million in assets were transferred by an attacker who exploited a third-party security product to bypass risk controls. The vulnerability has been patched and the situation is under control. The platform will utilize its user protection fund to cover the losses and expects to restore the fund to at least $300 million within one week. Bitget has initiated asset recovery efforts and is sharing information with industry partners.