According to the company’s chief executive, investors pulled more than 4,000 bitcoins—valued at over $334 million at current prices—within a single hour after Bitget reopened customer withdrawals following a hack.
Bitget CEO Gracy Chen informed Bloomberg Television on Tuesday that customer withdrawals have since normalized following that initial surge of bitcoin transactions.
Last week, hackers targeted the hot wallets of the Victoria, Seychelles-based exchange, making off with $388 million in digital assets.
“The withdrawals actually stabilized a lot today,” Chen stated. “Those hundreds of millions [in bitcoin withdrawals] actually most of them happen on the first hour of the withdrawal restart.”
In a post on X on Monday, Chen reported that 9,585 orders totaling 4,098 bitcoins were fulfilled. The exchange is currently processing customer withdrawals in a phased approach.
Bitget paused withdrawals after blockchain analysts detected unauthorized funds leaving the platform. The company subsequently stated that the tactics used in the breach bore a strong resemblance to established methods employed by North Korean cyberattack groups.
Chen clarified that cold storage funds remained secure. Instead, the perpetrators “exploited vulnerabilities from third-party products to steal internal credentials, then used those credentials to send fraudulent withdrawal commands that bypassed our risk controls.”
She also mentioned that Bitget is utilizing its own capital to replenish its protection fund after its total size diminished. Bloomberg reported that the fund fell below $200 million, down from $464 million prior to the security breach.
Bitget emphasized that this marked the inaugural “security incident of this nature in eight years.”
“The incident remains contained, and no further unauthorized transfers are possible,” the platform assured.
CoinGecko ranks Bitget as the sixth-largest cryptocurrency exchange by trading volume, handling $811 million in transactions over a 24-hour period. The majority of the exchange’s user base is located in Asia.
Government-backed hackers from North Korea have a history of targeting cryptocurrency exchanges, earning a reputation as highly sophisticated cybercriminals.
Frequently Asked Questions
How much Bitcoin was withdrawn after Bitget resumed withdrawals?
Customers withdrew over 4,000 bitcoins—worth more than $334 million—within the first hour.
How much crypto did hackers steal from Bitget?
Hackers made away with $388 million in cryptocurrency by targeting the exchange’s hot wallets.
Who did Bitget blame for the security breach?
Bitget stated that the attack method was highly consistent with known patterns of North Korean hacker organizations.
Were cold storage funds affected by the hack?
No, the CEO confirmed that cold storage funds were not touched.
