Bitget Resumes BTC Withdrawals Amid Ongoing Security Probe
Bitget has resumed BTC withdrawals after taking steps to mitigate the damage from a recent hack. On April 4th, at 4 PM, the platform relaunched its withdrawal services, which were halted earlier due to security concerns.
The exchange shifted approximately $300 million worth of BTC from cold wallets, including the risk protection fund, into hot wallets in preparation for withdrawals. In the first hour after resuming withdrawals, Bitget processed over 6,000 transactions totaling around $220 million in BTC value.
Bitget's security incident involved attackers exploiting a third-party product flaw to obtain internal credentials and issue forged withdrawal commands. The exchange has stated that no internal collusion was involved and that patches have been completed to address the vulnerability.
The risk protection fund, worth around $464 million, absorbed approximately $387.5 million in losses from the hack. Bitget expects the fund to be restored to at least $300 million within seven days with the help of proprietary capital.