Bitget resumes phased withdrawals after $388 million security exploit
Image: UnchainedCrypto exchange Bitget lost roughly $388 million in a September 24 security incident where attackers spoofed backend wallet system data to trigger authorized fund transfers. The exchange has remediated the underlying vulnerability, confirmed its User Protection Fund covers the full loss, and launched a phased withdrawal resumption process. BTC withdrawals reopened on September 28, with full restoration of all services set for October 2.
Key points
- Attackers spoofed backend wallet system data to trigger authorized fund transfers.
- The exchange's User Protection Fund covers the full amount of the stolen funds.
Why it matters
The incident highlights backend wallet infrastructure risks for crypto exchanges. Bitget's use of its protection fund to cover user losses sets a precedent for exchange security loss coverage.
What's unclear
The discrepancy between the $464 million pre-exploit fund size and the referenced $300 million baseline is unexplained
The full list of stolen assets and total frozen funds are not confirmed across both reports
Price context · BTC
At publication
$82,776.00
Now
$82,991.00
Change since
+0.26%
7 days · dashed line = publication
Sources · 4 publishers
Unchained
Tier 1
Bitget Reopens Bitcoin Withdrawals, Starting Phased Restart After $388 Million Hack
Blockonomi
Tier 3
Bitget Withdrawals Resume in Phases After $388 Million Exploit
Crypto.news
Tier 2
Bitget resumes BTC withdrawals after $388M hack
Cointelegraph
Tier 1
Bitget resumes Bitcoin withdrawals as hacker swaps ETH via THORChain
Coverage timeline
- First reported by Unchained
- Confirmed by Blockonomi
- CryptoVideos brief published
- 1 more publisher added to sources
How this brief was made. Our system found this event in 4 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
