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Bitget attacker tested risk controls before $388 million theft

Bitget said the exchange will cover the loss from its user protection fund and replenish it to at least $300 million within a week.

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Bitget’s CEO Gracy Chen said the attacker behind a $388 million exploit ran two small test transfers shortly before draining funds from the exchange, suggesting the risk controls were not triggered by the initial activity, according to The Block.

Chen said Bitget’s user protection fund would absorb the $388 million loss and be replenished to at least $300 million within a week, per The Block.

In an interview, Chen described the first unauthorized transfers as happening at 6:31 p.m. UTC on Sept. 24, including 0.184 ETH from an Ethereum hot wallet and 193 TRX from a Tron hot wallet, both below Bitget’s risk-control threshold and without system alerts.

Chen also said the attacker exploited a zero-day in a third-party security product to obtain valid admin credentials and then deleted traces after injecting fraudulent withdrawal commands into wallet backend systems, The Block reported.

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