How Bitget Is Chasing $388 Million in Stolen Funds After a Zero-Day Hack

Bitget recently suffered a $388 million security breach caused by a third-party zero-day vulnerability that enabled hackers to bypass risk controls and execute fraudulent withdrawal commands. In response, the exchange implemented immediate containment measures and leveraged its $556 million user protection fund to ensure client assets remained unaffected. CEO Gracy Chen details the ongoing recovery efforts, which involve collaborating with decentralized protocols like Tether, Circle, and Near Intent to freeze stolen funds and track illicit laundering activities. Despite these efforts, only a small fraction of the stolen assets has been recovered, highlighting the difficulty of tracing funds across multiple chains. Chen also warns of persistent social engineering attempts targeting her during the crisis, underscoring the critical need for stronger industry-wide security alliances and more rigorous vetting of third-party service providers to mitigate future threats.