Bitget to end services for a subset of users in one-off move, says funds safe
In brief
- Bitget will end services for a subset of users as a one-off exercise, it said Saturday.
- Bitget's platform keeps operating, and affected users' funds remain safe, the exchange said.
- Affected users will receive direct notices on next steps, deadlines and withdrawal arrangements.
- Crypto Briefing set the move against a $387.5 million September hack and regulatory pressure.
What Bitget told users
Bitget said affected users would be contacted directly (by email, in-app messages and/or push notifications) about next steps, deadlines and withdrawal arrangements.
Crypto Briefing's report doesn't say which users, regions or how many accounts are affected. It doesn't give a reason from Bitget either.
The context: a $387.5 million hack
Crypto Briefing set the move against two backdrops. The outlet reported that the cut came weeks after a $387.5 million hack, which ranks among the largest breaches in centralized exchange history. It also said Bitget is facing growing pressure to meet stricter regulatory requirements worldwide. That link is the outlet's framing (it isn't attributed to Bitget's statement).
The breach hit on September 24. According to Crypto Briefing, attackers used a zero-day flaw in third-party security products to get into the exchange's infrastructure. They reportedly got in through security appliances from an outside vendor, then used privileged access to send forged withdrawal commands through Bitget's wallet systems. The hackers drained hot and warm wallets across 11 blockchains, including Ethereum and the XRP Ledger, and took nearly 103 million XRP.
By September 29, only about $840,000 (0.2% of the stolen assets) had been publicly frozen.
Recovery and the BGB token
Bitget temporarily suspended withdrawals and, on September 25, launched a Recovery Bounty Program offering 5% of funds directly frozen or recovered. It's also pledged to make users whole through its User Protection Fund, which held more than $464 million until the incident. Withdrawals came back gradually from September 28 and were fully restored by October 2, the report said.
The exchange's own token took a hit too. Bitget's BGB fell 5.5% after the hack, dropping from above $2 to $1.89, according to CoinMarketCap data cited by Crypto Briefing.
