Bitget Plans Phased Withdrawal Restart Following $387.5M Hack

Crypto exchange Bitget is rolling out withdrawal services in stages after a security breach led to approximately $387.5M in digital assets being transferred to attacker-controlled addresses.

The Seychelles-based platform halted withdrawals on 24 September when its security systems flagged unauthorised activity. Bitcoin network withdrawals reopened at 08:00 UTC on 28 September, marking the start of a phased restoration plan.

Ethereum withdrawals are set to return on 29 September, with Tether following on 30 September. The exchange expects all services, including fiat operations and peer-to-peer trading, to be fully operational by 2 October.

CEO Gracy Chen confirmed in a social media post that the company's security systems detected unauthorised transfers from hot wallets. The security team immediately activated emergency protocols to contain the breach.

Initial assessments valued the stolen assets at $351.6M, but Bitget later revised the figure to $387.5M based on onchain tracing and transaction analysis conducted with cybersecurity partners.

The compromised funds were held across multiple blockchain networks, including Ethereum, various Ethereum Virtual Machine networks, XRP Ledger, Zcash, and TRON. Affected assets included XRP, ETH, USDT, ZEC, USDC, USDT0, XAUt, BNB, AVAX, and TRX.

Bitget is working with cybersecurity firms Mandiant and SlowMist to investigate the incident. The exchange stated that the breach has been contained and no further unauthorised transfers are possible.

The company maintained that customer funds remain unaffected by the hack. Trading and deposit functions continued operating throughout the withdrawal suspension period.

CNBC reported that Bitget suspects North Korean hackers may be behind the attack, though the exchange has not officially confirmed attribution.

Bitget announced that its User Protection Fund will cover the stolen assets in full. The fund currently holds more than $464M, providing sufficient reserves to compensate for the losses.

The exchange emphasised that its phased rollout approach applies uniformly across all users without preference, prioritising safety alongside speed in restoring full service capabilities.