News Learn Research Ranking Ecosystem

Bitget Reopens Withdrawals After $388M Hack, Starting With Bitcoin

Murtuza Merchant1 hour ago

Bitget starts a phased reopening of withdrawals with Bitcoin following a Sept. 24 breach that moved roughly $388 million in assets out (Image: Shutterstock)

Bitget began restoring withdrawals Monday, starting with Bitcoin (BTC), after a Sept. 24 breach that the exchange says moved about $388 million in assets out of its platform.

Bitcoin Withdrawals Resume

Withdrawals on the Bitcoin and BSC networks restarted at 08:00 UTC, the company said, and by 09:00 UTC it had processed 9,585 BTC withdrawals totaling about 4,098 BTC. Chief Executive Gracy Chen addressed the breach in a live AMA session Monday.

Ether (ETH) withdrawals are scheduled to resume Sept. 29, followed by Tether (USDT) on Sept. 30 and by other tokens, fiat and peer-to-peer services on Oct. 2.

Also Read: Coinbase CEO Pushes For Internal Platform Accountability As AI Agent Traffic Surges

Bitget Hack Investigation

The attacker exploited a flaw in a third-party security product to obtain high-level internal credentials and used them to send fraudulent withdrawal commands that bypassed risk controls, according to Bitget. Private keys, cold wallets and user balances were not affected, the company said.

Mandiant and SlowMist are supporting an independent forensic investigation, industry partners have helped freeze some assets, and Bitget expects to release an official security report this week.

Bitget said the breach was the first of its kind in eight years of operation. Over that span, the exchange added monthly Proof of Reserves and a User Protection Fund that it says now holds more than $464 million, and it reports a reserve ratio of 127%.

Read Next: AI Agents Could Turn A $490 Interest Gap Into A Bank Funding Risk

Murtuza Merchant

Murtuza is a seasoned finance journalist with extensive experience covering cryptocurrencies and blockchain technology. He has contributed to Benzinga and Cointelegraph, among other publications, reporting on emerging trends, the regulatory landscape, and more. Find him at @murtuza_merc on Twitter and mmerchant001 on Telegram. Disclosure: Murtuza holds ATOM, AKT, TIA, INJ, and OSMO.

Disclaimer and Risk Warning: The information provided in this article is for educational and informational purposes only and is based on the author's opinion. It does not constitute financial, investment, legal, or tax advice. Cryptocurrency assets are highly volatile and subject to high risk, including the risk of losing all or a substantial amount of your investment. Trading or holding crypto assets may not be suitable for all investors. The views expressed in this article are solely those of the author(s) and do not represent the official policy or position of Yellow, its founders, or its executives. Always conduct your own thorough research (D.Y.O.R.) and consult a licensed financial professional before making any investment decision.

Latest News

Gold And Silver Sink $1.05 Trillion With Dollar And Yields Rising

Gold and silver erased about $1.05 trillion in combined market value Monday as rising Federal Reserve rate-hike bets, Treasury yields and a stronger dollar intensified selling. Key Points: Gold fell

Solana ETFs Add $188.1M In Five Days And Push Inflows Past $1.5B

U.S. spot Solana (SOL) ETFs drew a record $188.1 million in net inflows from Sept. 21-25, with all seven tracked funds finishing the week positive. Key Points: Solana ETF flows reached $188.1 millio

XRP Faces Sept. 30 Vote That Could Clear Evernorth’s Nasdaq Path

XRP (XRP) faces a key corporate milestone on Sept. 30, when Armada Acquisition Corp. II shareholders vote on the proposed combination with Evernorth. Key Points: Armada shareholders are scheduled to

BlackRock CIO Says 8% Bond Yields Challenge Equity Returns

BlackRock CIO Rick Rieder is trimming stocks for high-grade bonds yielding 7% to 8%, saying those returns now compete with the 10% to 12% he expects from equities. Key Points: Rieder rates equities

California Bans Officials From Issuing Memecoins, Limits 2027 Listings

California Gov. Gavin Newsom signed a law banning state and local public officials from issuing memecoins and restricting official-linked token listings beginning in 2027. Key Points: AB 2409 bars s

Coinbase CEO Pushes For Internal Platform Accountability As AI Agent Traffic Surges

Key Points Brian Armstrong posted that internal platforms should publish uptime, latency, and cost data as if competing for external customers. Armstrong said AI agents are quickly becoming the heavi

AI Agents Could Turn A $490 Interest Gap Into A Bank Funding Risk

Apollo chief economist Torsten Sløk warned that AI agents such as Meta’s Muse could shift household cash into higher-yield accounts, putting pressure on banks’ low-cost deposits. Key Points: Sløk sa