Bitget ends service for select users following $387.5M breach
CIE News ·
Based on reporting by crypto.news; not yet independently confirmed.
Bitget is closing accounts for select users with withdrawal deadlines after a $387.5 million theft, while on-chain analysts trace stolen assets into Zcash.
Crypto exchange Bitget is initiating a one-time account closure for a subset of users following a $387.5 million hot-wallet theft that occurred on September 24. According to tokenpost.com, the platform is notifying affected customers directly with withdrawal instructions and deadlines, while unaffected accounts continue normal operations.
Investigators report that attackers have begun laundering portions of the stolen funds. On-chain researcher ZachXBT found that attacker-controlled wallets moved roughly 2,700 ZEC ($3.8 million) into Zcash's Ironwood shielded pool, with an additional 18,900 ZEC valued at about $28.3 million linked to the incident, crypto.news reported. Analyst Specter also observed suspected stolen funds moving into Zcash from multiple security breaches on October 17.
The original compromise involved transaction-data spoofing across Ethereum, Tron, XRP, and Zcash. Bitget stated that unaffected user funds remain protected by its $464 million User Protection Fund, and the theft is under international law enforcement investigation.
Key facts
- $387.5M hot-wallet theft
- 2,700 ZEC moved to Ironwood
- $464M User Protection Fund
- Breach occurred Sept 24
Read the original at crypto.news