Bitget Resumes Bitcoin Withdrawals After $388M Exploit

Bitget has resumed Bitcoin withdrawals after an exploit drained around $388 million from the exchange. The attack occurred on September 24 at approximately 6:31 p.m. UTC, with the attacker using high-level internal credentials obtained through a vulnerability in a third-party security product to bypass risk controls and send fraudulent withdrawal commands.

The exchange has stated that its private keys were not compromised and that user balances were unaffected. However, it is unclear whether every customer's balance can be withdrawn, as trading and deposits remained available during the suspension but reopening withdrawals is a separate process.

Bitget has begun processing Bitcoin withdrawals on the network, with other services such as ETH and USDT scheduled to resume over several days. The exchange says losses will be fully covered by its User Protection Fund, which holds 5,500 BTC or more than $464 million in publicly verifiable assets.