Bitget Resumes Bitcoin Withdrawals After $388 Million Security Breach

Crypto exchange Bitget has resumed Bitcoin withdrawals after a security breach that compromised nearly $388 million in assets. The breach, which occurred on September 24, affected part of Bitget's hot and warm wallet infrastructure, while its cold wallets remained secure.

According to the exchange, BTC withdrawals were restored first because the withdrawal pipeline was the first to be completed. Ether (ETH) and Tether's USDt (USDT) withdrawals will follow as security checks progress.

The schedule for resuming withdrawals is as follows: ETH withdrawals are set to resume Tuesday across Ethereum, BNB Smart Chain, Arbitrum, Base, and Optimism, followed by USDT on Wednesday across Ethereum, BNB Smart Chain, Solana, and Tron. Withdrawals for other assets and peer-to-peer services are scheduled to return Friday.

Bitget CEO Gracy Chen has called on THORChain, a decentralized protocol for swapping assets between blockchains, to refuse services to addresses linked to the attack. However, THORChain said that its network halt is an emergency security mechanism that affects the protocol broadly and 'is not a selective freeze of specific funds or an individual swap.'