One week after Bitget began reopening withdrawals following its September security incident, the initial wave of outflows appears to have cooled significantly.
On September 24, Bitget detected unauthorized transfers from part of its hot-wallet infrastructure, with ~$350 million affected. Withdrawals were temporarily paused while the exchange secured its systems and investigated the incident.
Bitget responded quickly and publicly, with CEO Gracy Chen addressing the situation and the exchange providing regular updates throughout the recovery process.
Withdrawals were then reopened in phases:
- BTC: September 28
- ETH: September 29
- USDT: September 30
- All remaining crypto, fiat and P2P: October 2
The reopening initially triggered heavy withdrawals. Our tracked data shows ~$512 million in BTC withdrawals on September 28, followed by ~$168 million on September 29 and $216 million on September 30.
However, the pace quickly slowed. The outflows dropped to around $33 million on October 2, and just $5 - 7 million per day on October 3 and 4. In total, ~$1.08 billion was withdrawn between September 28 and October 5, but most of that activity was concentrated in the first few days.
So far, the data suggests the initial withdrawal rush has stabilized rather than developed into a sustained run on the exchange. Bitgetโs fast communication and phased reopening appear to have helped contain the situation.
Written by maartunn