Bitget Suffers $387.5 Million Hot-Wallet Loss, Restores Withdrawals

Bitget, a prominent cryptocurrency exchange, has reported a significant loss of approximately $387.5 million due to abnormal transfers from one of its hot wallets.

The incident was detected on September 25 and the exchange's cold wallets, which store the majority of assets, remained unaffected.

The user protection fund, valued at more than $464 million, fully covers the loss, according to Bitget. The fund is in place to safeguard users' assets in case of any security breaches or other unforeseen events.

To restore withdrawals, Bitget has implemented a phased plan. Bitcoin network withdrawals began on Sunday at 8 p.m. ET (00:00 UTC Monday), followed by ETH withdrawals across various networks on Tuesday and USDT withdrawals on Wednesday.