Bitget CEO reveals $388M hack exploited third-party security flaw
- The recent exploit on Bitget resulted in a loss of $388 million due to a vulnerability in a third-party security product.
- The attacker gained access to high-level internal credentials and issued fraudulent withdrawal commands.
- Bitget’s private keys and cold wallets were not compromised during the attack, which occurred on September 24.
- Following the incident, Bitget has tightened its withdrawal controls and increased monitoring for unusual activity.
- Some stolen assets have been frozen with assistance from other industry participants, but recovery figures remain undisclosed.
The attack highlighted vulnerabilities in third-party security products used by exchanges, prompting Bitget to enhance its security measures significantly. The ongoing forensic investigation is supported by Mandiant and SlowMist as they assess preliminary indicators linking the attack potentially to North Korea.
As of now, Bitget has not revealed how much of the stolen crypto has been recovered or frozen following the $388 million hack.(Source)
