Bitget says third-party security flaw led to $388 million hack

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Bitget CEO Gracy Chen said a vulnerability in a third-party security product was behind the exchange’s $388 million hack.

The flaw allowed the attacker to obtain high-level internal credentials and use them to issue fraudulent withdrawal commands. Chen said Bitget’s private keys and cold wallets were not compromised.

Bitget said it has fixed the vulnerability and tightened withdrawal controls, including stricter internal access, independent verification and increased monitoring.

The exchange has not said how much of the stolen crypto has been recovered or frozen. Chen said some assets have been frozen with help from other industry participants.