Bitget Resumes Bitcoin Withdrawals After $387–388M Security Breach
Bitget reopened Bitcoin withdrawals Tuesday following a security incident that the exchange values between $387.5 million and $388 million. CEO Gracy Chen said ETH and USDT withdrawals would resume by October 2 and pledged to restore the protection fund above $300 million this week.
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Withdrawal Services Resume in Phases
Bitget has restored Bitcoin withdrawals after pausing services across multiple assets following the breach. Ether and Tether withdrawals remain suspended but are scheduled to resume by October 2, according to announcements from the exchange. CEO Gracy Chen stated that other affected services would also return on that timeline.
Exchange Pledges to Replenish Protection Fund
The two sources differ slightly on the breach size: Crypto.news reported $388 million while The Defiant cited $387.5 million. Chen committed to restoring Bitget's protection fund above $300 million this week, a measure intended to cover future user losses. The exchange has not yet disclosed the technical cause of the breach or whether the funds were recovered.
Why It Matters
For Traders
Bitcoin withdrawal access restores liquidity for Bitget users, though ETH and USDT remain locked until October 2, creating temporary friction for spot traders.
For Investors
A $387–388M breach at a major exchange signals elevated counterparty risk; the $300M protection fund pledge, if honored, provides modest but incomplete coverage.
For Builders
The incident reinforces that centralized exchange custody remains a security vector; builders should stress-test assumptions about CEX stability in their product roadmaps.
This article is for information only and is not financial advice. Read the full disclaimer.
