Bitget said the unauthorized outflow resulted from attackers breaching the backend system supporting its wallets, falsifying transaction data and improperly triggering transfer approvals. The company denied that private keys (secret credentials controlling digital assets) were leaked. After losses involving ZEC and TRX were identified, Bitget revised the estimated outflow upward to about $387.5 million. It plans to reimburse the full amount through a protection fund exceeding $464 million and is continuing recovery work aimed at restarting withdrawals.