Bitget Freezes $1.1M of $388M Stolen in Crypto Hack; Restores Some Withdrawals

Bitget has frozen about $1.1 million of the roughly $388 million stolen in a cyberattack disclosed last week, CEO Gracy Chen told CNBC, adding that the frozen assets have not necessarily been returned to the exchange. Chen declined to say how much has been recovered and voiced pessimism about recouping much of the total. The exchange raised its theft estimate to approximately $388 million from an initial $351.6 million, citing reconciliation across 12 wallet addresses. The attack spanned 11 blockchains and assets including XRP, ETH, USDT, USDC and BNB. Bitget's protection fund fell from over $464 million to under $200 million before being rebuilt above $300 million using company capital, Chen said. Reports by Mandiant and SlowMist concluded attackers compromised two third-party security products, with hostile activity first detected August 31. Bitget restored withdrawals for bitcoin, ether and USDT, with other crypto, fiat and P2P services set to resume Friday.