Bitget Resumes Withdrawals for BTC, ETH, USDT After $387.5M Hack
Bitget has made significant progress in recovering from the massive $387.5 million hack that occurred on September 24th. The exchange has restored withdrawals for Bitcoin (BTC), Ether (ETH), and USDT, with the remaining services scheduled to resume on Friday at 08:00 UTC.
The exchange's CEO, Gracy Chen, confirmed that the Protection Fund had returned above $300 million after the security incident. This fund is separate from the assets included in Bitget's proof of reserves, which showed a 131% overall reserve ratio across nineteen covered crypto assets.
Bitget says investigators have traced $387.5 million in unauthorized transfers from hot and warm wallet infrastructure. The exchange has asked THORChain to block attacker addresses, but THORChain rejected the request due to its permissionless network design.