Bitget says all token withdrawals will resume Friday as fund reaches $309 million

Bitget CEO Gracy Chen said on Wednesday that withdrawals for all tokens would resume on Friday after a security breach caused $388 million in user losses. Chen said Bitget had already restored access to Bitcoin (BTC), Ether (ETH) and USDt (USDT). Chen said Bitget's Protection Fund had reached $309 million as part of the recovery effort and had absorbed the incident's financial impact. Bitget initially established the fund in January 2022 with 5,500 BTC. The fund was intended to reimburse potential user losses that did not result from misconduct by users or the platform. Bitget said the fund's assets were available for immediate deployment when needed. Chen said Bitget had not ruled out an inside job or North Korean hackers as possible perpetrators. Bitget launched a bounty program offering 5% of frozen funds and 5% of recovered funds. Blockchain investigator ZachXBT reported on Wednesday that wallets tied to the hack moved about $3.8 million in Zcash (ZEC) into the network's Ironwood pool. ZachXBT said the transactions represented about 14% of the 18,917 ZEC stolen in the attack.