Bitget Resumes Bitcoin Withdrawals After Massive Security Breach

Bitget, a popular cryptocurrency exchange, announced that it will resume Bitcoin withdrawals on September 28 after detecting unauthorized transactions from its hot-wallet infrastructure on September 24. The breach, which was initially estimated to have resulted in losses of $351.6 million, has been revised to approximately $387.5 million after further review.

The exchange attributed the incident to exposure through its hot-wallet system and claimed that it had already identified and remediated the vulnerability behind the incident. Bitget also stated that its cold wallets remained secure throughout the breach.

As part of its recovery plan, Bitget has scheduled a phased return of withdrawal services, with Bitcoin being the first asset available for withdrawal on September 28, followed by Ethereum (ETH) and USDT on September 29 and 30 respectively. Other tokens, fiat withdrawals, and P2P services are expected to be restored on October 2.

The exchange has also confirmed that it is working with forensic experts Mandiant and SlowMist to investigate the breach and track down the stolen funds.