UPDATE: Bitget attributes $388M exploit to third-party software as tracing widens
CIE News ·
Bitget stated its $388 million exploit stemmed from compromised third-party software across Ethereum and TRON, with Mandiant and SlowMist assisting tracing.
As previously reported, protocols like NEAR Intents intervened after attackers targeted Bitget in a $388 million exploit. Bitget stated that the incident was caused by compromised third-party security software, which allowed hackers to access internal credentials and issue unauthorized withdrawal commands across networks including Ethereum and TRON. The exchange emphasized that its private keys were never compromised and reported maintaining a 131% reserve ratio.
Cybersecurity firms Mandiant and SlowMist, alongside cross-chain protocols such as Chainflip, are assisting in tracing and freezing the laundered funds. According to CryptoSlate and Bitcoin.com News, the exchange isolated the affected systems, resumed Bitcoin (BTC) withdrawals, and confirmed its protection fund will cover user losses.