Bitget Reopens Bitcoin Withdrawals After $388 Million Attack: What’s Next?

Bitget has resumed Bitcoin withdrawals following an attack that resulted in losses of approximately $388 million, and announced separate reopening dates for Ethereum, USDT, and other services.

In a statement to The Block, crypto exchange Bitget said it resumed processing Bitcoin network BTC withdrawals as of September 28 at 11.00 Turkey time. This put the first step of the previously announced schedule into effect. The exchange said it would not reopen withdrawals for all assets at once because each network must undergo security checks.

When will Ethereum and USDT withdrawals reopen?

According to the schedule announced by Bitget, Ethereum (ETH) withdrawals are planned to reopen on September 29 at 11.00 Turkey time on the Ethereum, BSC, Arbitrum, Base, and Optimism networks.

The date announced for Tether (USDT) withdrawals is September 30 at 11.00 Turkey time. This phase covers the Ethereum, BSC, Solana, and Tron networks. Withdrawals of remaining assets, fiat withdrawals, and peer-to-peer (P2P) transactions are scheduled for October 2. These are the planned dates announced by the exchange; these services, other than Bitcoin withdrawals, have not yet reopened.

How will Bitget cover the losses?

The exchange confirmed that approximately $388 million in assets were stolen in the September 24 attack. According to its statement, the attacker exploited a vulnerability in a third-party security product to obtain high-level access credentials and send fraudulent withdrawal commands to the wallet system.

Bitget said the vulnerability had been fixed and that no other unauthorized transfers had occurred. The exchange said that private keys were not compromised and that user balances and cold wallets were unaffected, and announced that the loss would be fully covered by the user protection fund, which holds 5.500 BTC.