After a major security vulnerability was discovered in Bitget, one of the fastest customer withdrawals in the history of cryptocurrency exchanges occurred. Data shows that the platform experienced an outflow of approximately $463 million in a single day. Last week, the crypto hacking incident involving Bitget resulted in the theft of $388 million from the exchange, which has now triggered another wave of withdrawals. Data tracking agencies state that such a situation has never been seen since the initiation of reserve proof monitoring.
Bitget Suffers a $388 Million Cryptocurrency Hack Attack
According to Bloomberg, Bitget was attacked by hackers last week, resulting in a theft of $388 million. Such a large-scale theft immediately raised questions from the outside world: how much reserve does the exchange still have left, and whether customers will quickly withdraw their funds once withdrawals are reopened.
For an exchange that handles billions of dollars in customer assets, a theft of such magnitude is sufficient to severely undermine confidence even before any withdrawal activities begin. Such incidents often test in real time whether the exchange can withstand the impact without triggering a broader run on reserves.
After the withdrawal restrictions were lifted, there was a surge in customer outflow.
The withdrawal freeze for Bitget did not last long. According to Bloomberg, within 24 hours after the exchange began to resume withdrawals, customers acted quickly and withdrew a net amount of approximately $463 million in assets before Tuesday.
Time points are crucial. The outflow of funds did not occur gradually over a few days, but rather erupted immediately after Bitget lifted the restrictions on the previously locked funds. In fact, this indicates that many users had been waiting for the opportunity to transfer their holdings elsewhere; such a pattern is common after security incidents at exchanges, as users' trust in platform custody is compromised.
Since the start of reserve proof tracking, a record maximum daily net outflow has been recorded.
DefiLlama records show that the $463 million in outflows on a single day, as indicated by Bitget, represent the largest single-day net outflow since they began tracking reserve certification data four years ago. This benchmark makes the scale of this withdrawal even more apparent: it is not just a difficult day for one exchange, but also a record-breaking stress test for the entire reserve certification tracking system.
Its significance is not limited to Bitget itself. The existence of reserve verification tools is precisely to allow the public to see whether exchanges hold sufficient assets to cover the funds that customers are entitled to. When such a large-scale outflow of funds appears on these dashboards, it becomes a real-time signal of a loss of trust, and other platforms and their users are likely also paying close attention.
Despite a hacker attack, Bitget still holds a reserve of $5.7 billion.
Even after experiencing theft and a record amount of customer capital outflows, Bloomberg reported that Bitget currently holds approximately $5.7 billion in reserves. This figure indicates that despite the $388 million in theft and subsequent $463 million in outflows, the exchange still retains a considerable buffer.
However, this series of events – thefts, restricted withdrawals, followed by a record number of withdrawals – demonstrates how quickly confidence can be shaken when a major platform suffers a security breach. Whether FTX will be able to stabilize customer sentiment in the future, relying on its $5.7 billion reserve, may depend on how it handles transparency and communication in the coming days. Bitget
Frequently Asked Questions
- What financial impact has the recent hacker attack had on Bitget? Last week, a hacker attack on Bitget resulted in the theft of $388 million.
- How did Bitget customers react after the hack incident? Within 24 hours of the restoration of withdrawals, Bitget experienced a net outflow of approximately $463 million in customer funds.
- Compared to past data, how severe is this outflow? The outflow of $463 million is the largest single-day net outflow recorded since DefiLlama began tracking reserves four years ago.
- Bitget What is the current reserve situation? Despite suffering a hacker attack, Bitget still holds approximately 5.7 billion US dollars in reserves at present.
This article was generated with the assistance of artificial intelligence and has been reviewed by an editorial team.
