Bitget Crypto Hack Update: Withdrawals Resume From Sept. 28

Bitget will begin restoring withdrawals on Sept. 28 after revising its crypto hack loss estimate to about $387.5 million. The exchange said the underlying vulnerability has been fixed and additional security checks remain underway.

Bitcoin withdrawals are scheduled to return first, followed by ETH and USDT on selected networks. Bitget said user balances remain unaffected and its Protection Fund will cover the financial impact.

Bitget Crypto Hack Loss Estimate Rises to $387.5M

In an official announcement, Bitget said that it would resume withdrawals in stages following the Sept. 24 crypto hack incidence. The exchange said its security and technical teams have been conducting additional validation and security checks across its withdrawal infrastructure.

On September 28, BTC withdrawals will be available on the Bitcoin network. On the following day of Sept. 29, ETH withdrawals will happen on Ethereum, BSC, Arbitrum, Base, and Optimism. On September 30, USDT withdrawals will take place on Ethereum, BSC, Solana, and Tron, whereas withdrawals for other tokens, fiat, and P2P services will start from October 2.

Bitget CEO Gracy Chen said the exchange is taking a different approach from Bybit’s response to they $1.5 billion hack. She said that the September 24 Bitget hack incident involved multiple blockchains and cryptocurrencies.

Chen also announced a live AMA scheduled for September 28 at 07:30 UTC, 30 minutes before Bitcoin withdrawals are due to resume. She would be there to cover withdrawal restoration, next steps, and community questions.

Chen said she hopes Bitget can turn the crisis into an opportunity to demonstrate that users’ trust in the exchange is well placed. Chen said that Bitget still plans to proceed for an IPO in the next three years.

Following the crypto hack, Bitget has stated that user account balances remain unaffected. Moreover, the exchange’s User Protection Fund will cover all the losses worth $351 million.

Circle and Tether Freeze $318,000 Linked to Bitget Hack

According to an earlier CoinDesk investigation, Circle and Tether have frozen approximately $318,000 in stablecoins linked to the Bitget hack. The issuers blacklisted an address labeled “Bitget Exploiter 8,” freezing 218,023 USDT and 99,990 USDC.

Circle took action at 05:00 UTC on September 25, while MistTrack later confirmed that Tether had also blacklisted the address. The frozen funds represent only a small portion of the stolen assets.

MistTrack data indicates that other attacker-linked addresses still hold more than 63,000 ETH, which stablecoin issuers cannot freeze.

Commenting on this, Bitget CEO Gracy Chen said: “Thank you to Circle and Tether for moving quickly. Every address frozen matters”.

Chen further added said the exchange has publicly identified and is actively tracking addresses linked to the attacker. Chen said Bitget is formally asking THORChain to refuse service to those addresses.

Bitget Hacker Withdraws $1.23 Million From Binance

Citing data from Arkham Intelligence, on-chain analytics platform Lookonchain reported that a wallet identified as 0x4885 reportedly transferred 457.9 ETH, worth approximately $1.23 million, to a wallet linked to the Bitget hacker.

The wallet withdrew 257.6 ETH, valued at around $692,000, and 545,000 USDT from Binance about 11 hours earlier. It then swapped the USDT for 200.2 ETH before transferring the combined 457.9 ETH to the attacker-linked wallet approximately an hour ago.

This article is for informational purposes only and does not constitute financial or investment advice. The investigation remains ongoing, and on-chain wallet labels do not establish legal ownership or attribution.