- Bitget exchange resumes Bitcoin (BTC) withdrawals after a $388M security breach.
- Attackers exploited a third-party security flaw to bypass withdrawal controls.
- The exchange is investigating, freezing funds and restoring services in phases.
Bitget has started restoring withdrawals after a security breach led to about $388 million in unauthorized asset transfers, marking the exchange’s first such incident in eight years. Bitcoin withdrawals resumed on September 28 at 08:00 UTC on the Bitcoin and BNB Smart Chain (BSC) networks.
In a media statement released Monday, Bitget CEO Gracy Chen said investigators found the vulnerability used in the September 24 attack, and the security team has fixed the issue and strengthened withdrawal controls.
Bitget said no new unauthorized transfers have been detected since the breach was contained, and users’ account balances remain unaffected.
How Attackers Bypassed Security Controls
The attacker exploited a weakness in a third-party security product to gain access to important internal credentials. The attacker then used those credentials to make fake withdrawal requests, bypassing some of Bitget’s security checks and moving funds without authorization.
The attack affected parts of Bitget’s hot and warm wallets, with unauthorized transfers starting around 18:31 UTC on September 24 across several blockchains. Bitget said its private keys were not stolen and its cold wallets were not affected.
Since then, Bitget has isolated the affected systems, fixed the vulnerability, and added stronger security measures. These include stricter checks on third-party security tools, tighter access controls, extra withdrawal verification, and better detection of unusual activity.
Bitget CEO Gracy Chen said the company is taking the breach seriously and will continue reviewing its security measures to prevent similar incidents.
Investigation Into the $388M Loss
Bitget confirmed that about $388 million worth of assets were transferred during the attack. The amount is based on the company’s latest review of the transactions and does not mean that more funds were stolen after the attack was contained.
Bitget is working with cybersecurity companies Mandiant and SlowMist to investigate what happened, check its security fixes, and help track the stolen funds.
The exchange is also working with law enforcement, other crypto exchanges, blockchain companies, and security experts to find and recover the assets.
Some of the affected funds have already been frozen with help from industry partners. The company has also shared the attackers’ wallet addresses and transaction details to help track the funds.
Bitget plans to release an official security report this week, with more details to follow as they are confirmed.
BTC Withdrawals Resume
Bitget has started restoring its services after the security breach, beginning with Bitcoin withdrawals. As of 09:00 UTC on September 28, the exchange had processed 9,585 withdrawal requests, totaling about 4,098 BTC across the Bitcoin and BSC networks.
Bitget plans to restore other withdrawals and services in stages:
| Date | Asset/Service | Networks |
| September 28, 08:00 UTC | BTC | Bitcoin and BSC |
| September 29, 08:00 UTC | ETH | Ethereum, BSC, Arbitrum, Base, Optimism |
| September 30, 08:00 UTC | USDT | Ethereum, BSC, Solana, Tron |
| October 2, 08:00 UTC | Other tokens, fiat and P2P | To be confirmed |
Users will see each service become available on the platform as it is restored.
Bitget Highlights Its Protection Fund and Reserves
Bitget said it has several financial safety measures in place, including monthly Proof of Reserves reports and a User Protection Fund. The exchange currently reports a 127% reserve ratio, while its User Protection Fund holds more than $464 million.
Bitget also announced two temporary programs while it restores its services:
- Bitget Alliance Program: Runs from September 28 to October 26 and allows eligible users to earn a share of trading fees.
- Project Stand Together: Offers eligible professional clients and market makers lower trading fees and extended protection. The discounts run until October 30, while the protection lasts until November 30.
Bitget said it will do more than just fix the security problem that caused the breach. The company plans to review its security systems, third-party services, and internal controls to reduce the risk of future attacks.
The exchange will continue providing updates on withdrawals, the investigation, and efforts to recover the stolen funds.
Related: Bitget Hack Raises a Bigger Question: Are Crypto Exchanges Safe?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
