Bitget Resumes Withdrawals After Security Incident

Bitget has resumed Bitcoin withdrawals four days after a security incident on September 24. The exchange initially estimated that approximately $351.6 million was affected, but this figure increased to about $387.5 million following an additional review of the incident. The company claims its cold wallets were not compromised and customer account balances remain unaffected.

The Protection Fund, valued at over $464 million around the time of the incident, will cover the financial impact of the breach. However, a significant portion of this reserve is denominated in Bitcoin, which means its USD value fluctuates with market price changes.

Bitget has begun restoring withdrawals in stages, with Ethereum and USDT scheduled to resume on September 29 and 30 respectively. The exchange's phased reopening aims to validate withdrawal infrastructure under live conditions before fully reinstating services by October 2.