Bitget Sees Nearly $400 Million in Bitcoin Exit Reserves After Hack

Nearly $400 million in Bitcoin has left Bitget's reserves after the crypto exchange reopened withdrawals following its massive hack. On September 28, Bitget CEO Gracy Chen said the exchange processed over 9,500 withdrawal orders totaling 4,098 BTC. However, DeFiLlama data showed a decline of around 4,642 BTC in Bitget's tracked Bitcoin balance.

This drop represents about $391 million at prevailing prices and is larger than the amount Chen claimed Bitget had processed through customer withdrawal orders. The rapid outflow provides the first indication of how users are responding after Bitget froze withdrawals for four days while investigating the hack.

Bitget restored Bitcoin withdrawals on September 28 after completing additional checks on its withdrawal infrastructure. Ethereum withdrawals are scheduled to follow on September 29, USDT on September 30, and remaining tokens, fiat, and peer-to-peer services on October 2.

The exchange has attempted to reassure customers that the attack did not compromise its private keys or cold-wallet reserves. Chen said a completed internal trace found attackers exploited vulnerabilities in third-party products to obtain internal credentials, which were then used to submit fraudulent withdrawal instructions that bypassed Bitget's risk controls.