Bitget CEO Gracy said the exchange suffered its first security incident in eight years after hackers exploited a vulnerability in a third-party security product to obtain internal network access credentials. The attackers then forged withdrawal commands that induced the wallet system to execute abnormal transfers bypassing risk controls. Gracy said private keys were not leaked and cold wallets were unaffected, with technical details to be published in a formal security report. The verified losses fall within the protection fund’s coverage, leaving user funds unaffected, she said. Bitget has more than $1.4 billion in its own funds, including about $464 million in its user protection fund. The exchange plans within one week to continue replenishing the fund to the $300 million baseline established under its 2022 security commitment. Gracy said the fund is intended to provide concrete protection during extreme security incidents and that an exchange’s resources and willingness to assume responsibility are important measures of its risk response and long-term credibility.