Bitget is gradually returning to normal operations after a significant security breach that led to the loss of $388 million in user funds. CEO Gracy Chen reported that the exchange's protection fund, established in 2022, has now reached $309 million, effectively absorbing the financial impact of the incident.
In a recent update, Chen confirmed that withdrawals for all tokens would resume on Friday, with users already regaining access to their Bitcoin (BTC), Ether (ETH), and USDt (USDT). The protection fund was designed to reimburse users for losses not caused by misconduct on their part or the platform's.
Chen also indicated that the investigation into the breach is ongoing, with potential suspects including insiders and North Korean hackers. To aid recovery efforts, Bitget has launched a bounty program, offering rewards for information leading to the recovery of stolen funds.
Additionally, blockchain investigator ZachXBT reported that wallets associated with the hack have begun moving stolen Zcash (ZEC) into the network’s Ironwood pool, representing a portion of the total stolen assets. This incident highlights the ongoing challenges within the cryptocurrency security landscape.