Bitget Resumes Operations After $388 Million Security Breach
- Bitget CEO Gracy Chen announced that withdrawals for all tokens will resume on Friday.
- The exchange’s ‘Protection Fund’ has reached $309 million, absorbing the impact of the breach.
- The security incident resulted in a loss of $388 million, with speculation about potential inside involvement or North Korean hackers.
- A bounty program was launched, offering rewards for information leading to the recovery of funds.
- Approximately $3.8 million in Zcash (ZEC) linked to the hack has been transferred into Ironwood pool.
Following a significant security breach, Bitget is taking steps to restore normal operations and protect user assets through its Protection Fund, which was established to cover losses not caused by user misconduct. This fund is now crucial as the exchange navigates the aftermath of losing $388 million in user funds.
With withdrawals set to resume and a Protection Fund exceeding $300 million, Bitget aims to reassure users after the breach that affected their assets significantly. (Source)
