Bitget officially confirmed a $388 million security incident on September 24, with hackers exploiting a zero-day vulnerability in a third-party security product to complete the attack. The attackers had previously used small transfers to test the exchange's risk control system. Bitget stated that its user protection fund will fully cover the losses and plans to restore withdrawal services in phases.
Which assets are affected
Bull and Bear Views
Bulls believe Bitget's swift use of the protection fund and phased restoration of withdrawals demonstrate the platform's strong risk buffering capability, which may limit short-term negative spillover. Bears are concerned that the zero-day vulnerability in the third-party security product exposes widespread weaknesses in industry risk controls, potentially triggering further exchange scrutiny and user fund outflows.