Cryptocurrency exchange Bitget is gradually returning to normal operations following a security breach that resulted in the loss of $388 million of user funds, according to the exchange's CEO, Gracy Chen.
In a Wednesday post on X, Chen stated that withdrawals for all tokens are scheduled to resume on Friday. The exchange has already restored access for users' Bitcoin, Ether, and USDt. As part of the recovery efforts, Bitget's Protection Fund has reached $309 million.
The Protection Fund was originally established by Bitget in January 2022 with 5,500 BTC to reimburse user losses not caused by user or platform misconduct, with funds kept available for instant deployment. Chen noted that the fund absorbed the financial impact of the recent incident.
Bitget has not ruled out specific parties potentially responsible for the $388 million attack, raising the possibility of an inside job or North Korean hackers. In response, the company launched a bounty program offering 5% of frozen funds and 5% for any recovered funds.
Meanwhile, blockchain investigator ZachXBT reported on Wednesday that wallets associated with the hack moved approximately $3.8 million in Zcash into the network's Ironwood pool, representing about 14% of the 18,917 ZEC stolen during the attack. Additionally, NEAR Intents reported blocking $50 million tied to the hackers.
