Bitget Resumes Bitcoin Withdrawals After $387.5M Breach Disclosure
In brief
- Bitget resumed Bitcoin withdrawals Monday, processing 9,585 orders totaling 4,098.036 BTC after $387.5M breach
- Attackers exploited third-party product vulnerabilities to obtain internal credentials and bypass risk controls
- Cold wallets remained unaffected; $464M Protection Fund covers losses, to be replenished above $300M within a week
Withdrawals Resume, Cold Wallets Secure
Chen said in a post on X that Bitget had processed 9,585 withdrawal orders totaling 4,098.036 BTC as of 17:00 UTC+8 on Monday. Bitcoin withdrawals went live on the Bitcoin network and BNB Smart Chain. Ether, USDT, and other assets are scheduled to follow in phases.
The exchange emphasized that private keys were not compromised and cold wallets remained unaffected. User balances stayed intact throughout the incident. Losses will be covered by Bitget's Protection Fund, which held more than $464 million when the breach was first disclosed.
Incident Response and Recovery Plan
Bitget isolated affected systems and revoked internal credentials immediately after detecting the breach at 18:31 UTC on September 24. The exchange reissued credentials and restructured access to sensitive infrastructure to prevent recurrence. Mandiant and SlowMist continue supporting the forensic investigation and tracing stolen assets.
Chen said the breach marked Bitget's first security incident of this nature in eight years. The exchange plans to replenish the Protection Fund with its own capital, bringing its value back above $300 million within a week.
Bitget also announced "Project Stand Together," a program offering trading-fee rewards and additional protections for eligible users affected by the breach. The initiative signals the exchange's commitment to rebuilding trust after the incident.
