Bitget says protection fund absorbed $388 million breach as attackers move ZEC

  • Bitget said its Protection Fund absorbed losses from the exchange's $387.5 million security breach.
  • Attacker-linked wallets transferred 2,746 ZEC worth roughly $3.9 million into Ironwood.
  • THORChain received about 29,088 ETH from Bitget-linked wallets through Sept. 29.

Bitget said its Protection Fund absorbed the impact of a breach that caused about $387.5 million in losses, while its reserve was rebuilt above $300 million during the recovery. The exchange said customer balances were unaffected and reported a 131% reserve ratio across 19 covered assets as of Sept. 29. Attacker-linked wallets transferred 2,746 ZEC, worth roughly $3.9 million and representing about 15% of the ZEC taken, into Zcash's Ironwood shielded pool through three transactions. Shielded transfers conceal senders, recipients and amounts, complicating efforts to trace and freeze proceeds after they enter the pool. The attackers also sought to route more than $50 million through NEAR Intents, whose SHIELD system rejected most attempted swaps, froze about $503,000 mid-swap and allowed about $166,000 to complete. THORChain has remained available to wallets tied to the theft, with Bitquery estimating that about 29,088 ETH worth roughly $79 million had been exchanged for Bitcoin through Sept. 29. Bitget processed 9,585 Bitcoin withdrawal requests totaling 4,098 BTC after reopening that service, while tracked wallet outflows exceeded $700 million as customers regained access to funds.

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