Bitget lost $387.5 million in a security breach on September 24, with attackers exploiting a vulnerability in a third-party security vendor’s system to execute 19 unauthorized transactions. Cold wallets were not compromised and no private keys were exposed. The User Protection Fund, which held over $464 million before the incident, absorbed the full loss, preserving customer account balances. CEO Gracy Chen expressed skepticism about recovery prospects, drawing a parallel to the Bybit hack in February 2025, where recovery efforts yielded limited results.
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