Bitget CEO Gracy Chen has attributed the crypto exchange’s recent $388 million exploit to a vulnerability in a third-party security product, which gave attackers access to high-level internal credentials. The Bitget crypto hack, which occurred on September 24, has prompted the exchange to overhaul its security protocols and work with industry partners to recover stolen assets.
How the Bitget Crypto Hack Unfolded
According to Chen’s statement to Cointelegraph, the attacker leveraged compromised credentials to issue fraudulent withdrawal commands from Bitget‘s hot wallets. The exchange detected unauthorized transfers and immediately suspended withdrawals. While the initial estimate suggested about $352 million in assets were affected, the total now stands at $388 million. Crucially, Chen confirmed that Bitget‘s private keys were not compromised and cold wallets remained unaffected—a significant detail for users concerned about the security of stored funds.
The Bitget crypto hack prompted swift action on multiple fronts. The exchange has since patched the third-party vulnerability, tightened withdrawal controls by restricting internal access, added independent verification for withdrawals, and increased monitoring for suspicious activity. Some stolen assets have been frozen with assistance from other industry participants, though Bitget has not yet disclosed the total recovery amount, citing the need to verify figures before making an announcement.
Recovery Efforts and Decentralization Challenges
Bitget initially called on THORChain, a cross-chain asset-swapping protocol, to blacklist addresses linked to the attack. However, the exchange later acknowledged that THORChain operates as a decentralized protocol and cannot selectively block individual addresses. Chen stated: “We respect the technical constraints of different networks and are not asking any protocol to take actions that are not technically possible.”
Regarding earlier speculation that North Korea was responsible for the Bitget crypto hack, Chen clarified that preliminary indicators had suggested this possibility but remain under assessment. She noted that forensic firms Mandiant and SlowMist are supporting an independent investigation, with findings to be shared as they are verified.
المصدر: Cointelegraph
