The move comes just weeks after a $387.5 million hack that ranks among the biggest security breaches in centralized exchange history. It also comes as the platform faces increasing pressure to meet stricter regulatory requirements worldwide.
The September hack
Bitget suffered a $387.5 million security breach on September 24 after attackers exploited a zero-day flaw in third-party security products to access the exchange’s infrastructure. The hackers drained hot and warm wallets across 11 blockchains, including Ethereum and the $XRP Ledger, stealing nearly 103 million $XRP.
The attackers reportedly gained initial access through security appliances supplied by an external vendor before using privileged access to send forged withdrawal commands through Bitget’s wallet systems, highlighting how vulnerabilities in third-party products can expose crypto platforms to broader security risks.
In response, Bitget suspended withdrawals temporarily and introduced a Recovery Bounty Program on September 25, offering 5% of funds directly frozen or recovered. The exchange also pledged to make users whole through its User Protection Fund, which held more than $464 million until the incident.
Withdrawal services returned gradually from September 28 and were fully restored by October 2. Despite these measures, only around $840,000, equivalent to 0.2% of the stolen assets, had been publicly frozen by September 29.
Meanwhile, the exchange’s BGB token has declined by 5.5% since the event, plunging from above $2 to $1.89, CoinMarketCap data shows.
cryptobriefing.com
