Bitget CEO Addresses First Security Breach in Eight Years

Bitget CEO Gracy Chen confirmed the exchange's first security incident in eight years during a community livestream. The breach originated from a vulnerability in a third-party security product, which allowed attackers to forge withdrawal commands. Gracy emphasized that private keys remained secure and cold wallets were unaffected. The platform will cover all losses using its user protection fund, which currently holds approximately $464 million. Bitget maintains over $1.4 billion in total reserves and plans to replenish the protection fund to its $300 million baseline within a week.