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Bitget resumes withdrawals after security breach

The exchange said withdrawals for all tokens would restart on Friday, after a breach that led to $388 million in reported user losses and a $309 million protection fund.

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Cryptocurrency exchange Bitget reported a gradual return to normal operations after a security breach resulted in $388 million in user losses, according to Cointelegraph.

Bitget CEO Gracy Chen said in a Wednesday X post that withdrawals for all tokens would resume on Friday, and that the exchange has already restored access for users to Bitcoin, Ether, and USDt, Cointelegraph reported.

As part of its recovery efforts, Bitget’s Protection Fund reached $309 million, the outlet added, noting the fund was created by the exchange in 2022 to absorb financial impacts from the incident.

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