Bitget Reopens Withdrawals After $387.5 Million Hack, Stolen Funds Continue to Be Laundered

Bitget, a cryptocurrency exchange, has processed over 9,500 Bitcoin withdrawal orders totaling around 4,098 BTC after reopening withdrawals following its $387.5 million hack on September 28.

Data from DeFiLlama shows that Bitget's tracked Bitcoin reserves fell by approximately 4,642 BTC, worth roughly $391 million at current prices.

According to investigators, the stolen funds are being laundered across chains, with over $50 million blocked by NEAR Intents' SHIELD system and another $8.5 million estimated to have exited through THORChain, despite Bitget's request for the protocol to refuse service to addresses linked to the attack.

Bitget CEO Gracy Chen assured customers that they will not lose money, with the company's Protection Fund covering the shortfall and plans to refill it to over $300 million within a week.