Bitget Posts $463 Million in Net Outflows a Day After Resuming Withdrawals Following Hack

Bitget, the cryptocurrency exchange hit by a hack last week, recorded about $463 million in net outflows over a 24-hour period.

Bloomberg reported on Sept. 29 that Bitget posted about $463 million in net outflows in the 24 hours after resuming withdrawals. DeFiLlama data show that was the exchange’s biggest single-day net outflow since the service began tracking exchange reserves about four years ago.

Bitget’s reserves now stand at about $5.7 billion. The one-day outflow was more than 10% of that total. The exchange has resumed Bitcoin withdrawals and is sequentially restoring withdrawals for Ether and Tether. Other digital assets, as well as fiat currency and peer-to-peer services, are scheduled to return to normal starting Oct. 2.

The protection fund Bitget had operated to safeguard customer assets has also shrunk sharply. The fund stood at about $464 million before the incident and has now fallen below $200 million. Chief Executive Officer Gracy Chen said the fund is being used to absorb the financial impact of the incident. She added that the company would inject its own capital to restore the fund to more than $300 million within a week.

Bitget earlier suffered a hack in which about $388 million of assets were stolen. The exchange said a vulnerability in a third-party security product was exploited, internal authentication credentials were stolen and unauthorized withdrawal orders were then executed. It said cold wallets and private keys were not affected.