Bitget initiated the phased restoration of withdrawal services on September 28 at 08:00 UTC, beginning with Bitcoin transactions. The exchange confirmed that Ethereum withdrawals are scheduled for September 29, USDT for September 30, and other tokens, fiat, and P2P services by October 2. This operational restart follows a security incident on September 24 where attackers compromised part of the platform's wallet infrastructure.
The total loss from the breach was revised to $387.5 million after initial estimates of $351.6 million were updated to include affected transactions involving Zcash and Tron. Stolen assets spanned multiple networks, including XRP, ETH, USDT, USDC, BNB, AVAX, and TRX. Bitget stated that the underlying vulnerability has been identified and remediated, with forensic firms Mandiant and SlowMist assisting in fund tracing. The company emphasized that the temporary halt was a security measure rather than a liquidity issue.
The resumption of withdrawals serves as a critical test of Bitget’s operational resilience and its commitment to maintaining user trust during a high-value security crisis. By leveraging a dedicated Protection Fund separate from proof-of-reserves, the exchange aims to insulate retail and institutional clients from direct financial harm. This approach highlights a growing industry trend where platforms prioritize immediate liability absorption to prevent bank runs or reputational collapse, even while forensic investigations remain incomplete.
However, the ongoing movement of approximately $83 million in stolen XRP underscores persistent risks associated with protocol-level immutability and cross-chain theft. While Bitget asserts no user losses, the inability to freeze native XRP at the protocol level complicates recovery efforts and raises questions about the long-term sustainability of such protection funds if similar incidents recur. The renewed scrutiny of suspected North Korean activity further emphasizes the need for enhanced global regulatory coordination in tracking illicit crypto flows.
