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Bitget said it reopened Bitcoin (BTC) withdrawal operations via the Bitcoin network after a breach that resulted in moving approximately $387.5 million to addresses controlled by the attackers, forcing the platform to suspend withdrawals on September 24.
Bitget stated that BTC withdrawals became available again at 08:00 a.m. UTC on September 28, according to the announced timeline, as part of a gradual restoration of withdrawal services after security checks were carried out on the withdrawal infrastructure.
The platform confirmed that the vulnerability related to the incident has been addressed and that no additional unauthorized transfers were detected after the hack was contained.
According to Bitget, user balances were not affected, while deposits and trading continued during the withdrawal suspension period. The platform also confirmed that the User Protection Fund would cover the financial losses caused by the attack.
Bitgetโs investigation reveals a vulnerability in a third-party security product
The Bitget hack began on September 24 at about 18:31 UTC, after the platform discovered unauthorized transfers from parts of its hot and warm wallet infrastructure.
Bitget initially estimated the value of affected assets at about $351.6 million, before later tracking operations increased the value of funds moved to attacker-controlled addresses to around $387.5 million.
During a live broadcast on September 28, the platformโs CEO, Gracy Chen, said the attacker exploited a vulnerability in a third-party security product and was able to obtain high-privilege credentials within the network.
According to the companyโs account, these credentials were later used to create fake withdrawal orders that bypassed the current risk management controls.
Bitget said in its incident clarification:
โThe attacker then used these credentials to send fraudulent withdrawal orders to the wallet system.โ
The company confirmed that the private keys were not leaked and that the cold wallets were not affected by the hack.
The timeline published by Bitget about the incident shows that the attacker managed to compromise the walletsโ back-end infrastructure, then insert fake transaction data into the authorization process for transfers.
Blockchain security firms Mandiant and SlowMist continued to assist Bitget with the investigation. The platform said its teams identified the attack path, patched the core vulnerability, and conducted additional checks before allowing affected withdrawal services to resume.
Bitget reopens BTC withdrawals before ETH and USDT
Bitcoin is the first digital asset that Bitget is bringing back to withdrawal services as part of a gradual recovery plan.
The platform reopened BTC withdrawals on the Bitcoin network at 08:00 UTC on September 28โfour days after withdrawals were suspended.
Ethereum (ETH) is expected in the next phase. Bitget set the time to resume ETH withdrawals at 08:00 UTC on September 29 across these networks:
Ethereum
BNB Smart Chain
Arbitrum
Base
Optimism
USDT withdrawals are scheduled to resume on September 30 at 08:00 UTC via the Ethereum, BNB Smart Chain, Solana, and Tron networks.
For other cryptocurrency withdrawals, traditional fiat withdrawal services, and peer-to-peer (P2P) trading transactions, they are scheduled to be restored at 08:00 UTC on October 2.
Bitget explained that each stage of the service reactivation would remain subject to dedicated security checks for each asset and network.
The reopening of BTC withdrawals follows the timeline announced by the platform two days earlier. Bitget had set September 28 as the first date to restore withdrawal operations, while Mandiant and SlowMist continued reviewing the incident and the platform carried out security tests on its infrastructure.
Earlier, Bitget said in an initial security notice that the User Protection Fund contained more than $464 million when withdrawals were suspended.
The company confirmed that the fund would cover losses resulting from the hack, even though the estimated value of the stolen funds later increased to about $387.5 million following the fundโs initial assessment.
Ongoing investigation into funds stolen from Bitget
Funds recovery efforts continued in parallel with the gradual return of withdrawal services.
Bitget launched a rewards program targeting parties that directly contribute to freezing or recovering stolen assets. The program offers separate 5% rewards tied to eligible freezing operations and successful recovery transactions.
By September 26, according to information published by crypto.news, Circle and Tether had frozen roughly 99,990 USDC and 218,023 USDT related to the attack.
Bitget also published the wallet addresses associated with the attacker and launched a funds-tracking portal, while investigators continue to monitor the movement of assets across multiple blockchain networks.
Some of the stolen assets continued moving between networks. In a incident-related report, crypto.news said that funds linked to the hack were routed through THORChain, leading to a dispute after Bitget requested actions against addresses associated with the attacker.
THORChain said its protocol does not provide a mechanism that allows specific addresses to be selectively blocked.
Later, AMLBot, a firm specializing in antiโmoney laundering compliance, traced about 4 BTC linked to the stolen funds to a Wasabi CoinJoin transaction.
The company said the funds moved from the TRON network via USDT0 to the Ethereum network, before being converted through THORChain into Bitcoin.
On September 25, AMLBot estimated that about $343 million of the funds it linked to the hack remained inactive in 13 wallets controlled by the attackers.
The company identified 8 wallets on the Ethereum network containing about 68,300 ETH, along with 4 XRP addresses holding roughly 83 million XRP, and another wallet with about 18,900 ZEC.$AAPLB
