Bitget CEO Attributes $388 Million Hack to Third-Party Vulnerabilities

Bitget CEO Gracy Chen stated that the $388 million exploit last week was caused by vulnerabilities in third-party products, which allowed the attacker to obtain internal credentials and bypass risk controls. The breach did not compromise private keys or cold wallets, and the exchange has since isolated the affected systems and remediated the vulnerability. Bitget is working with Mandiant and SlowMist on the investigation and has committed to covering all user losses via its Protection Fund. The exchange began a phased resumption of withdrawals on Monday, starting with BTC, with ETH, USDT, and other assets scheduled to follow throughout the week.