Bitget Reopens Bitcoin Withdrawals After $387M Hack
Bitget, a cryptocurrency exchange, has announced that Bitcoin withdrawals are open after a security breach on September 24. The incident resulted in an estimated $387.5 million loss. Initially, Bitget thought the affected assets were around $351.6 million, but further investigation revealed more unauthorized transactions.
The exchange assured customers that their balances remain unaffected and will be covered by its Protection Fund. Withdrawals for Bitcoin on the Bitcoin network are now open as part of a phased plan. The plan also includes reopening withdrawals for ETH on September 29, USDT on September 30, and other tokens, fiat, and peer-to-peer services on October 2.
Despite some trading activity resuming, concerns about security and withdrawal risk remain in the crypto markets. A snapshot of the exchange's public feed showed BTC futures trading with displayed liquidity of around $22.14 million within 0.05% of the mid-point price. However, actual customer withdrawals and on-chain transfers are still unconfirmed.