Bitget Reopens Bitcoin Withdrawals After $387.5M Hack, Delays ETH and USDT
Bitget, an online cryptocurrency exchange, announced that it has reopened Bitcoin withdrawals following a security breach on September 24. The incident resulted in approximately $387.5 million being stolen from hot wallets.
The exchange initially estimated the affected assets at about $351.6 million but increased the estimate after identifying additional unauthorized transactions. Bitget stated that its security systems detected the suspicious activity at 18:31 UTC on September 24, prompting it to suspend withdrawals while keeping trading and deposits open.
As part of its phased reopening plan, Bitget will reopen ETH and USDT withdrawals on subsequent dates: September 29 for Ethereum, BSC, Arbitrum, Base, and Optimism; September 30 for USDT on Ethereum, BSC, Solana, and Tron; and October 2 for other tokens, fiat, and peer-to-peer services.
The exchange assured customers that their balances remain unaffected and its Protection Fund will cover the financial impact of the incident. However, the practical question remains whether customers can successfully transfer assets or trading proceeds out of their accounts.