Bitget Outlines Phased Withdrawal Resumption Following $387.5M Security Breach

Bitget has announced a phased restoration of withdrawal services starting September 28, following a major security breach. BTC withdrawals will resume first, followed by ETH and USDT, with all services expected to be fully operational by October 2. The total estimated loss from the incident has been revised upward to $387.5 million, up from the initial $351.6 million, due to the inclusion of ZEC and TRX assets in the audit; the exchange clarified that no further unauthorized transfers have occurred. CEO Gracy Chen stated that the breach was not caused by a private key leak but by an intrusion into the backend infrastructure that bypassed security controls. Bitget plans to cover the losses using its User Protection Fund, which currently holds 5,500 BTC. Additionally, the exchange has launched a recovery bounty program offering a 5% reward for the freezing or recovery of stolen assets.