Bitget Resumes Withdrawals After $388 Million Hack
Crypto exchange Bitget has resumed Bitcoin withdrawals following a security breach that impacted nearly $388 million in assets. The exchange announced that it is restoring services after suspending withdrawals due to the incident, with additional assets and networks expected to follow in the coming days.
The breach, which occurred on September 24, compromised parts of Bitget's hot and warm wallet infrastructure. However, the exchange confirmed that its cold wallets remained secure throughout the incident. Initially, Bitget reported that $351.6 million was stolen, but this figure was later revised to $387.5 million after accounting for additional transfers on Zcash and Tron.
During a recent ask-me-anything session, Bitget CEO Gracy Chen stated that Bitcoin withdrawals were prioritized because the withdrawal pipeline was the first to be completed. Ether and Tether withdrawals are set to resume as security checks progress. According to the announced schedule, Ether withdrawals are expected to return on Tuesday across multiple networks, including Ethereum and BNB Smart Chain, while Tether withdrawals are scheduled for Wednesday.
Equal Access for All Users Post-Hack
The resumption of withdrawals applies to all users, with no priority access granted to institutions, VIP customers, or Bitget employees. Chen has also called on THORChain, a decentralized protocol for swapping assets between blockchains, to refuse services to addresses linked to the attack.
Cleared for Release
Reports indicate that the attacker has been swapping Ether for Bitcoin through THORChain. Data from Arkham shows that Ether associated with the attacker is flowing into THORChain vaults. In response, THORChain has stated that its network halt is an emergency security mechanism affecting the protocol broadly, rather than a selective freeze of specific funds or individual swaps.
Crypto author Anndy Lian noted that while THORChain can halt trading or pause a connected chain, these measures affect users broadly and the protocol lacks a built-in address blacklist, limiting its ability to block specific addresses.
