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Bitget
2026-09-29 01:12:24

Bitget says $388 million theft stemmed from zero-day flaw in third-party security product

Bitget said a recent $388 million security breach was caused by a zero-day vulnerability in a third-party security product, which attackers used to steal high-privilege internal credentials, enter a critical management system, forge withdrawal instructions and bypass risk controls. In a public livestream, CEO Gracy Chen and Greater China head Xie Jiayin said the incident hit hot wallet and warm wallet infrastructure, while private keys and cold wallets were not affected. The exchange said user balances remain intact and losses will be covered in full by Bitget’s user protection fund. According to Bitget’s reconstruction, the attack began with two small test transfers before moving into large withdrawals across Ethereum, XRP, ZEC, BSC, Base, Arbitrum, Optimism and Avalanche. The company said it later isolated affected systems, reset internal credentials, tightened high-sensitivity permissions and added independent verification for all withdrawals. It also said Mandiant and SlowMist are assisting with forensics and on-chain tracing, while a bounty program has been launched to support asset recovery. Bitget said it will not rely on recovered funds as the main safeguard for users. After using the protection fund to absorb losses, the company plans to replenish it to at least $300 million within one week. A separate independent security report is expected within a week, according to the company.

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Bitget says $388 million theft stemmed from zero-day flaw in third-party security product