Bitget Withdrawals Top $1 Billion After Attack: Has User Panic Subsided?
Withdrawals reopened after a security incident at Bitget topped $1 billion, while CryptoQuant data showed that the intense activity in the first few days subsided significantly in a short time.
In CryptoQuant’s measurement covering the period from September 28 to October 5, approximately $1.08 billion in assets was withdrawn from the exchange. Most outflows occurred in the first few days after services resumed; daily totals later fell from hundreds of millions of dollars to single-digit millions.
$512 Million in Bitcoin Withdrawn on the First Day
On September 28, when Bitcoin withdrawals reopened, approximately $512 million worth of BTC left the exchange. The tracked daily withdrawal total was approximately $168 million on September 29 and $216 million on September 30.
On October 2, the daily total fell to approximately $33 million. On October 3 and 4, withdrawals remained in the range of $5–7 million per day. This trend shows that the withdrawal demand that built up in the first few days did not continue at the same pace.
Withdrawals Gradually Resumed After the Security Incident
On September 24, Bitget detected unauthorized transfers from part of its hot wallet infrastructure and temporarily suspended withdrawals following an incident that affected approximately $350 million.
Services were gradually brought back online: Bitcoin withdrawals reopened on September 28, Ethereum withdrawals on September 29, and USDT withdrawals on September 30. Withdrawals of the remaining crypto assets, fiat currency, and P2P funds became available on October 2.
The Withdrawal Wave Did Not Become Permanent
CryptoQuant assesses that the initial spike in withdrawals during the period under review leveled off rather than turning into a sustained wave of outflows from the exchange. The analysis notes that the exchange’s updates throughout the process and the phased reopening may have contributed to this trend.
The concrete change shown by the data is the decline in the daily withdrawal rate. The total of approximately $1.08 billion represents withdrawals tracked after services reopened; it is a separate measure from the $350 million affected in the security incident.