Hacked crypto exchange Bitget experienced roughly $463 million in net outflows during the 24-hour period leading into Tuesday, as users withdrew assets after last week’s $388 million theft. This surge occurred immediately after the platform began restoring withdrawal functions and represents the largest single-day net outflow since DefiLlama started tracking proof-of-reserves four years ago.
The exchange currently holds about $5.7 billion in reserves. Bitget is reopening withdrawals in stages, starting with Bitcoin on Monday, followed by Ether and USDT. Withdrawals for other tokens, along with fiat and peer-to-peer services, are scheduled to resume on Oct. 2, according to Bitget.
The immediate liquidity drain at Bitget highlights the fragility of user trust in centralized exchanges following security breaches. The record-breaking outflow volume suggests that customers prioritize asset preservation over waiting for full operational restoration, creating significant pressure on the exchange's ability to maintain solvency ratios while managing staged withdrawal protocols.
From an institutional adoption perspective, this event underscores the critical importance of transparent proof-of-reserves mechanisms. While Bitget reports holding $5.7 billion in reserves, the rapid capital flight demonstrates that market participants remain skeptical of internal accounting until independent verification is fully restored. Stakeholders should monitor whether the phased reopening of fiat and P2P services stabilizes the platform or triggers further volatility.
