Bitget Resumes Withdrawals After Massive $352M Hack

Bitget has announced that it will resume crypto withdrawals in phases after losing approximately $351.6 million from its hot and warm wallets due to a security lapse. The platform stated that the vulnerability involved in the incident has been identified and remediated, and additional testing is being conducted on the withdrawal system.

The exchange added that the suspension of withdrawals was a precautionary measure for security reasons, and emphasized that customer balances have not been impacted despite the significant loss. Bitget's Protection Fund will cover the financial damage from the incident, with more than $464 million already in place.

Withdrawals will resume gradually, with Bitcoin withdrawals reopening on September 28, followed by Ethereum on September 29, USDT on September 30, and other tokens, fiat, and P2P transactions by October 2. The exchange also announced a Recovery Bounty Program to incentivize exchanges and security researchers to freeze attacker-controlled funds.