Bitget is reopening cryptocurrency withdrawals in phases following a $387.5 million security breach that forced the exchange to suspend the service. The phased approach aims to manage liquidity while the platform completes its security review.
Withdrawal Timeline
Bitcoin withdrawals will resume first on September 28 at 08:00 UTC on the native Bitcoin network. Ethereum withdrawals across multiple chains—including Ethereum, BNB Smart Chain, Arbitrum, Base, and Optimism—will follow on September 29. USDT withdrawals are scheduled for September 30 across Ethereum, BSC, Solana, and Tron.
By October 2, withdrawals for other assets including XRP, BNB, and AVAX will return to normal, along with fiat currencies and peer-to-peer settlements.
Security Measures and Continued Operations
Bitget CEO Gracy Chen explained that the temporary withdrawal pause was a security precaution and did not affect user account balances. The exchange initially estimated the affected assets at $351.6 million but later raised the figure to $387.5 million after identifying additional missing assets on Zcash and TRON.
The security vulnerability has been identified and remediated, with no further unauthorized transfers possible. Deposits and other exchange services continued during the review because incoming deposits did not pose a threat to the platform's core systems.
Asset Recovery Bounty Program
Bitget launched an Asset Recovery Bounty Program offering up to 10% in total rewards. The program provides 5% for helping freeze stolen funds and another 5% if those efforts lead to their recovery.
Circle and Tether have already frozen 218,023 USDT and 99,990 USDC, worth approximately $318,000 combined, from an address linked to the attacker. However, significant stolen assets remain under investigation, including more than 63,000 ETH worth around $183 million and over 102 million XRP tokens valued at approximately $157.48 million.
