Bitget CEO Gracy Chen says the exchange has restored normal withdrawal operations after the Sept. 24 hack that led to the theft of about $387.5 million. In comments following the incident, Chen defended the company’s financial position and said customer activity has stabilized since services were reopened.
Chen said Bitget has rebuilt its protection fund to more than $300 million and holds over $1 billion in capital outside that reserve. She also said the exchange could withstand another loss of several hundred million dollars, although she did not disclose the exact amount of capital that is immediately available.
Financial position after the breach
The hack put immediate attention on whether Bitget had enough resources to cover losses and maintain operations. Chen said the answer is yes, pointing to the replenished protection fund and additional capital held beyond it.
According to Chen, the customer impact was limited. She said there were some institutional withdrawals during the reopening period, but that flows later normalized. She also said deposits increased after withdrawals resumed, suggesting confidence returned at least in part once access to funds was restored.
What investigators have found so far
The exchange said the investigation has so far found no evidence of insider involvement. At the same time, Bitget has not yet explained how the attackers learned enough about its systems to carry out the theft.
Chen acknowledged that key parts of the case remain unresolved and said the investigative process is still ongoing. She also indicated the timeline could extend beyond the kind of response seen in other major exchange incidents, underscoring that some answers may take time.
Security changes inside Bitget
Bitget says it moved quickly to contain the breach by isolating affected systems and resetting internal credentials. The company also tightened access controls and withdrawal approval procedures as part of its immediate response.
Chen said the exchange has increased scrutiny of external security products and disabled the vulnerable third-party functionality that attackers exploited. She added that no system can be considered perfectly secure, even after upgrades, a point that reflects the continuing uncertainty around exchange security after large-scale attacks.
Broader debate over laundering and coordination
Chen rejected the idea that responsibility for the aftermath should be pinned on THORChain alone. Instead, she said exchanges and blockchain protocols should work together to reduce laundering opportunities while also improving defenses on their own platforms.
She said there have been preliminary discussions about forming an alliance involving exchanges and major protocols to share intelligence. Those talks appear to be at an early stage, and Chen noted there are still open questions about how much participants would be willing to disclose and how such coordination would be structured.
Ongoing scrutiny of stolen funds and controls
Outside analysts later estimated that about $238 million remained after a withdrawal block, keeping attention on how much of the stolen crypto may still be traceable or recoverable. That estimate has added to broader scrutiny of Bitget’s new controls.
One issue still being watched is whether the exchange’s updated safeguards can stop forged internal transfers once alarms are triggered. For now, the confirmed next step is the continuation of the investigation as Bitget works to explain how the attack unfolded and whether its revised controls hold up under pressure.
Source: beincrypto.com