Security Breach Details and Response

Bitget exchange will apply its protection fund to cover approximately $388 million in assets that were transferred during a security incident. The company plans to replenish the fund to at least $300 million within one week of the initial use.

CEO Gracy Chen stated that the attacker exploited a vulnerability in a third-party security product to gain internal credentials. This allowed the creation of forged withdrawal instructions sent to the wallet system, which bypassed existing risk controls.

Chen confirmed that private keys were never exposed and that cold wallets remained unaffected. The exchange has implemented fixes to address the vulnerability and declared the incident fully contained.

Bitget has launched an asset-recovery operation and will share details of the vulnerability and attack with relevant industry participants. The attacker’s addresses and blockchain-tracking data have been released publicly.

Withdrawal Restoration Schedule

Bitget is restoring withdrawals across all supported assets by October 2. Bitcoin withdrawals on the Bitcoin network will reopen first, followed by Ether, Tether and other tokens.

Bitcoin withdrawals are scheduled to resume at 4 a.m. ET on September 28. Ether withdrawals will begin at the same time on September 29 across Ethereum, BSC, Arbitrum, Base and Optimism. Tether withdrawals will follow on September 30 across Ethereum, BSC, Solana and Tron.

Withdrawals for all other tokens, as well as fiat and peer-to-peer services, are set to resume on October 2 at 4 a.m. ET. Regular customers, key opinion leaders and VIP users will receive access simultaneously with no separate VIP channels.

Bitcoin Transfer and Processing Activity

Following the reopening of Bitcoin withdrawals, Bitget transferred 2,042.28 BTC from its 5,500-BTC protection fund to its hot wallet. A remaining 3,457.72 BTC stays on-chain in the reserve.

The moved amount is not tied to confirmed customer withdrawals. It represents pre-positioning of the reserve to support potential user requests. The on-chain transfers and actual withdrawal activity remain separate.

Bitget processed 7,683 Bitcoin withdrawal requests totaling about 3,609 BTC within the first 50 minutes after service resumption. Of these, 6,946 transactions were confirmed on-chain by 4:50 a.m. ET. The exchange reported no backlog in orders during the early phase.

The initial processing figures cover only the opening period and do not include the full expected volume as the restoration continues.