The hacker who stole $388 million worth of crypto from Bitget last week “exploited vulnerabilities from third-party products,” according to the exchange’s chief executive.

Bitget CEO Gracy Chen says the exploiter stole internal credentials and used them to send fraudulent withdrawal commands that bypassed the exchange’s risk controls.

Chen notes that the hack didn’t compromise any private keys or impact any cold wallets, and she says the incident has now been contained.

“Affected systems were isolated and the vulnerability has been remediated. Relevant servers were isolated to prevent further compromise and preserve forensic evidence. Internal credentials were revoked and reissued, with access to highly sensitive systems restructured. We notified the relevant third-party vendor, shared details of the vulnerability and disabled the affected functionality pending a fix. Mandiant and SlowMist continue to support the independent forensic investigation and asset-tracing efforts.”

The CEO also says 100% of user funds are covered with the Bitget Protection Fund , a self-funded trove of 5,500 Bitcoin ( BTC ) stored in publicly visible wallets.

Following the hack last week, Bitget temporarily halted withdrawals. The exchange began a phased resumption of withdrawals on Monday, starting with BTC. Ethereum ( ETH ) withdrawals are scheduled to resume on Tuesday, followed by USDT on Wednesday and other tokens, fiat currencies and peer-to-peer trades on Friday.

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