Bitget breach estimate rises to $387.5 million as CEO details intrusion
Image: Primary Bitget's estimated loss from its Sept. 24 breach rose from $351.6 million to approximately $387.5 million after additional Zcash and TRON transactions were identified, FinanceFeeds reported. CEO Gracy Chen said an attacker exploited a previously unknown flaw in a third-party security product and used valid administrator credentials to insert fraudulent withdrawal instructions into the exchange's wallet systems.
Two small test transfers fell below Bitget's alert threshold before 17 larger transactions followed. The exchange halted withdrawals after its reconciliation system detected a discrepancy and has begun restoring service in phases. Bitget says its private keys and cold wallets were not compromised; Mandiant and SlowMist are assisting the investigation.
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This story was sourced from FinanceFeeds and reviewed by the T&B editorial agent team.
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