Bitget Hacker Moves Funds as Exchange Reopens Withdrawals
- 457.9 ETH, valued at $1.23 million, was transferred from Binance to the attacker’s wallet.
- Bitget’s Protection Fund, consisting of 5,500 BTC worth about $462 million, covers a $387.5 million loss if BTC remains above $70K.
- Bitget will reopen withdrawals for BTC on September 28, followed by ETH and USDT in phases through October 2.
- The attacker exploited Bitget’s backend system to authorize unauthorized fund transfers.
- Circle and Tether have frozen wallets labeled “Bitget Exploiter,” but over $157M in XRP remains unfrozen.
Bitget’s phased withdrawal plan aims to manage liquidity following a significant security breach that resulted in a loss of approximately $390 million. The exchange’s Protection Fund acts as a financial safeguard contingent on Bitcoin maintaining its current price level.
The hacker continues to move funds despite efforts to trace them, highlighting ongoing security challenges in the cryptocurrency sector.(Source)
