Bitget plans to restore withdrawals for all tokens on Friday after a security incident that, according to CEO Gracy Chen, resulted in $388 million in user fund losses. The exchange has already resumed withdrawals for Bitcoin, Ether and USDT.
Chen said Bitget’s protection fund, established in January 2022, has grown to $309 million and will absorb the financial impact of the incident. She also said the company has not ruled out the possibility that insiders or North Korean hackers were involved in the attack.
Bitget has launched a bounty program tied to asset recovery. The exchange is offering a 5% reward for funds that are frozen and a separate 5% reward for funds that are recovered. In a related onchain development, a wallet linked to the attack moved about $3.8 million worth of ZEC into the Ironwood Pool.
The update was cited by Odaily, which referenced Cointelegraph as the source.
Crypto exchange Bitget plans to resume withdrawals for all tokens on Friday after a security incident that caused $388 million in user fund losses, according to CEO Gracy Chen.
Chen said withdrawals for Bitcoin, Ether and USDT have already been restored.
She added that Bitget’s protection fund, set up in January 2022, has grown to $309 million and will cover the financial impact of the incident.
Bitget has not ruled out the possibility that insiders or North Korean hackers were involved in the attack. The exchange has also launched a bounty program, offering a 5% reward for frozen funds and a separate 5% reward for recovered funds.
A wallet tied to the attack has moved about $3.8 million in ZEC into the Ironwood Pool.
The report was cited by Odaily, referencing Cointelegraph.
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