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Bitget customers withdraw more than 4,000 bitcoins after hack

Bitget said withdrawals stabilized after its hot wallets were targeted in a $388 million hack, with users pulling out over $334 million in bitcoin in the first hour.

Reported · Written up by our desk · Market Structure

Bitget resumed customer bitcoin withdrawals this week after a hack that reportedly resulted in $388 million stolen from the exchange’s hot wallets, and customers withdrew more than 4,000 bitcoins within an hour of the restart, according to Bitcoin Magazine.

Bitcoin Magazine reports that the withdrawals totaled over 4,000 bitcoins valued at more than $334 million at today’s prices, with the exchange’s CEO saying the rapid outflows largely occurred during the first hour after withdrawals restarted.

Bitcoin Magazine also notes that the exchange said withdrawals later stabilized following the immediate transactions as the bitcoin outflows slowed after the initial restart period.

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