The crypto exchange Bitget lost about $388 million in a breach on September 24. The first estimate was $351.6 million. The total rose after more transfers on Zcash and Tron were counted. The breach hit part of Bitget's hot and warm wallet infrastructure. Its cold wallets stayed secure. The attacker has been swapping Ether for Bitcoin through THORChain.
Bitget is restoring service in stages. Bitcoin withdrawals reopened on Monday. Ether and USDT follow on Tuesday and Wednesday, and other assets and peer-to-peer services on Friday. CEO Gracy Chen said, "We restored BTC first because the withdrawal pipeline is the first to be completed." She said the schedule gives no priority to institutions, VIP customers or employees. She also asked THORChain to refuse service to addresses linked to the attack. THORChain replied that its network halt is not a selective freeze of specific funds.
Why it matters for Florida
Florida residents and businesses hold crypto on exchanges too, so custody risk is not abstract here. This breach reached the wallets kept online for everyday transfers, while the offline storage held. Any Florida company that uses a custodian should ask how much is held offline and who controls the keys. The same question sits behind two items on FBBA's current legislative proposals: letting Florida banks and credit unions custody digital assets, and protecting Floridians from internet and digital kiosk fraud. It also matters to companies adding bitcoin to their balance sheets, the focus of FBBA's Bitcoin Treasury Coalition.