TREE NEWS update: Bitget CEO Gracy Chen said attackers exploited a third-party security product flaw to steal internal network credentials and forge withdrawal instructions to the exchange’s wallet system, moving about $388 million. Private keys were not leaked and cold wallets were unaffected, the vulnerability has been fixed and the incident is fully under control, Chen said in a livestream. Bitget will cover the entire loss through its user protection fund and refill it to at least $300 million within one week of use.
Bitget Says Hackers Moved $388M; Protection Fund to Be Refilled to $300M Within a Week
AI take
The detail that matters is the vector: forged withdrawal instructions via a compromised third-party credential, not lost private keys or a cold-wallet breach. That distinction shapes how the rest of the industry reads its own dependency on external security vendors, since the same class of flaw is not unique to one venue. The protection fund's refill to at least $300 million within a week is the number to watch, because it tests whether the stated backstop holds under real drawdown rather than in marketing copy.
Generated by AI for reference only.
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