Bitget Resumes USDT Withdrawals Amid Record Outflow and Reserve Woes

Cryptocurrency exchange Bitget has scheduled the reopening of Tether (USDT) withdrawals at 08:00 Coordinated Universal Time (UTC) on Wednesday, September 30.

The move comes after a record $463 million outflow from the platform in a single day, with a net withdrawal figure that equates to roughly 8% of Bitget's remaining reserves. The exchange has published its latest Proof of Reserves (PoR) report, which shows it holding 131% of the assets it owes users.

The PoR report compares assets held against customer balances at one point in time and does not reflect the current state of the exchange's reserves or the protection fund. The User Protection Fund has fallen below $200 million after covering $264 million of the $387.5 million breach, with the remaining balance split between BTC and stablecoins.