Bitget covers $388 million hack loss, points to flaw in third-party security product
Photo: TokenPost
Bitget absorbed the full financial impact of a hack that exploited a third-party security product, CEO Gracie Chen said, replenishing its user protection fund and tightening checks on outside vendors. The exchange said users suffered no losses after attackers transferred about $388 million to addresses under their control. Company capital was used to restore the protection fund after it covered the missing assets. In an October 24 interview with The Wolf of All Streets, Chen said Bitget decided within the first few hours of the incident to make users whole and bear the financial impact itself.
Source: TokenPost
