Bitget Resumes Bitcoin Withdrawals After $388 Million Hack

Bitget has reopened Bitcoin withdrawals after a $388 million hack on September 24. The exchange had frozen all transactions since then, but now it is gradually bringing back its services. According to Bitget, the attackers did not need their private keys and compromised a critical backend system within their wallet infrastructure.

The exchange published a timetable for reopening withdrawals, starting with BTC at 8:00 UTC on September 26. ETH withdrawals on Ethereum, BSC, Arbitrum, Base, and Optimism will follow on Tuesday, while USDT on these platforms will be available on Wednesday. Every other token, including fiat and P2P withdrawals, is scheduled for October 2.

Bitget's CEO Gracy Chen hosted a live AMA on X to address questions from users about the incident. The exchange has also set up a User Protection Fund, which holds around $464 million, to cover the losses in full. Additionally, it is offering a bounty of 5% of any stolen funds frozen or recovered through voluntary efforts.