Bitget Restores Bitcoin Withdrawals Following $387M Security Breach
Withdrawals Resume for Bitcoin Users
Bitget has officially reopened withdrawals for Bitcoin (BTC) on the Bitcoin network. This move marks the first phase of the exchange's recovery plan following a security breach. The announcement came on September 28, 2026. However, withdrawals for Ethereum (ETH) and Tether (USDT) remain suspended and are scheduled to resume on later dates.
Timeline of the Incident and Recovery
- The exchange detected unauthorized transfers from some hot wallets at 18:31 UTC on September 24.
- Bitget initially estimated the loss at $351.6 million, but updated the figure to approximately $387.5 million on September 25 after identifying more related transactions.
- Trading and deposits remained open throughout the suspension period.
- Public data showed futures trading activity resumed around 04:20 UTC on September 28, before the official withdrawal window opened at 08:00 UTC.
Exchange Statement on Customer Funds
According to Bitget, customer balances were not affected by the breach. The exchange stated that its Protection Fund will cover the financial impact of the incident. While the service notice confirms that Bitcoin withdrawals are now open, it does not provide proof that specific customer transfers have been completed yet. The ability to trade and the ability to withdraw assets are treated as separate operational tests.
Scheduled Resumption for Other Assets
Bitget outlined a phased plan to restore access to other cryptocurrencies and services. All scheduled restart times are set for 08:00 UTC on their respective dates:
- September 29: Ethereum (ETH) on Ethereum, BSC, Arbitrum, Base, and Optimism networks.
- September 30: Tether (USDT) on Ethereum, BSC, Solana, and Tron networks.
- October 2: Other tokens, fiat currencies, and peer-to-peer services.
This means a user holding ETH may still wait until September 29 to move their funds, even if they can see trading activity on the platform.
Liquidity Observations During Suspension
Data recorded during the withdrawal pause showed active markets. Between 04:20 and 04:21 UTC on September 28, the public feed displayed 100 filled trades for both BTC/USDT and ETH/USDT futures contracts. Snapshot data indicated roughly $22.14 million in buy and sell orders for BTC futures and $10.29 million for ETH futures within a narrow price range. A separate study by TokenInsight, conducted before the breach, had previously ranked Bitget highly for futures liquidity depth compared to other exchanges.
Next Steps for Verification
The immediate priority is verifying whether individual Bitcoin withdrawals process successfully on the blockchain. Following this, the exchange will proceed with restoring access to other assets according to the published schedule. Users are advised to monitor official channels for confirmation once their specific asset and network are enabled.
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