Bitget Exchange Loses $228M in Rapid Cyber Attack
- $228 million was withdrawn from Bitget in just an 18-minute window on Sept. 24.
- Blockchain analytics firm Arkham traced approximately $350 million leaving Bitget across seven chains, including Ethereum and BNB Chain.
- The attackers converted assets into ether and distributed them across new wallets.
- Bitget‘s User Protection Fund, holding over $464 million, is said to cover the estimated $351.6 million loss.
- Arkham identified $153 million in XRP as a significant portion of the theft, leading to a dispute over whether the funds were from cold or hot wallets.
On September 24, Bitget experienced a significant security breach where attackers swiftly withdrew $228 million within just minutes, impacting multiple blockchain networks like Ethereum and BNB Chain. The exchange claims its protection fund can absorb the losses while investigations continue into the source of stolen XRP funds.
The rapidity of the attack highlights vulnerabilities in exchange security systems despite protective measures like user funds insurance.(Source )
