Bitget restarts withdrawals after $388 million hack amid hundreds of millions in outflows
Bitget has initiated a phased restart of customer withdrawals following a major security breach of roughly $388 million. Despite net customer outflows reaching approximately $463 million and 3,326 BTC leaving in the first hour, Ethereum recorded an initial net inflow and total exchange balances remained above $6.7 billion.
Bitget has begun restoring customer withdrawals following a major security breach the previous week that drained roughly $387.5 million to $388 million. The platform is executing a phased restart, having restored Bitcoin withdrawals on September 28, Ethereum withdrawals on September 29, and scheduling Tether (USDT) withdrawals to resume on September 30.[2][3][5][7]
The restart triggered significant initial capital movement. According to Crypto Briefing, 3,326 BTC flowed out of Bitget in the first hour after Bitcoin withdrawals resumed, pointing to user concerns over exchange security and a preference for private custody. Across all assets, Polymarket and crypto.news reported that customers pulled roughly $463 million in net outflows over 24 hours. Blockchain analytics firm Arkham noted Bitget's balance fell by approximately $600 million since the previous day, though it still stands at over $6.7 billion.[1][4][6][8]
In contrast to the Bitcoin departures, Ethereum recorded positive momentum upon opening. CoinDesk and BSCN reported a net inflow of 651 ETH during its first hour, logging 9,674 ETH in deposits against 9,023 ETH in withdrawals as of 09:00 UTC. Meanwhile, Crypto Briefing reported that the original breach involved third-party security vulnerabilities, heightening scrutiny of supply-chain risks and user trust across centralized exchanges.[2][3][7]
Key facts
- Bitget launched a phased restart of customer withdrawals after a hack the prior week drained roughly $387.5 million to $388 million.
- Bitcoin withdrawals resumed on September 28, followed by Ethereum withdrawals on September 29, with USDT withdrawals set for September 30.
- Customers withdrew a net $463 million over a 24-hour period as withdrawal access was restored.
- Bitget experienced an outflow of 3,326 BTC in the first hour after Bitcoin withdrawals opened.
- Ethereum withdrawals saw a net inflow of 651 ETH in the first hour, with 9,674 ETH deposited and 9,023 ETH withdrawn by 09:00 UTC.
- Arkham reported Bitget's balance fell by roughly $600 million since the previous day but remains above $6.7 billion.
- Crypto Briefing reported that the breach involved vulnerabilities in third-party security.
Sources · 7 sources
- AR
Arkham@arkhamPost on X ·
BITGET IS BACK OPEN FOR BUSINESS Bitget has reopened withdrawals after the hack. Their balance is down ~$600M since yesterday, but still stands at over $6.7 Billion. https://t.co/rWpJQNDz6y
Open source - BS
BSCN@BSCNewsPost on X ·
Bitget Reopens ETH Withdrawals, Records Healthy Inflows @Bitget finally reopened $ETH withdrawals on September 29 after a period of restricted access. The protocol recently confirmed about 651 $ETH in net inflows, with 9,674 $ETH sent in and 9,023 $ETH withdrawn as of 09:00 UTC. The restoration process was completed after $BTC withdrawals reopened on September 28.
Open source - CO
CoinDesk@CoinDeskPost on X ·
UPDATE: @Bitget reopens $ETH withdrawals, reporting a net inflow of 651 ETH in the first hour, as the exchange continues its phased restart following last week's $387.5M hack. $USDT withdrawals scheduled for September 30. https://t.co/fWwfcE80nn
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Bitget reopens $ETH withdrawals The reopening of ETH withdrawals follows the BTC withdrawals reopening on September 28, and the exchange has seen roughly $463M in net outflows over the past 24 hours. https://t.co/zi1d0EwBKC
Open source - KC
Kalshi Crypto@Kalshi_CryptoPost on X ·
JUST IN: Bitget reopens withdrawals after the hack
Open source - PO
Polymarket@PolymarketPost on X ·
JUST IN: Bitget customers withdraw a net $463 million as the exchange reopens withdrawals following last week's massive hack.
Open source - CB
Crypto BriefingArticle ·
Bitget reopens withdrawals after major security breach drains roughly $388 million The breach highlights vulnerabilities in third-party security, impacting trust in centralized exchanges and prompting scrutiny of supply-chain security. The post Bitget reopens withdrawals after major security breach drains roughly $388 million appeared first on Crypto Briefing .
Open source - CB
Crypto BriefingArticle ·
Bitget reopens Bitcoin withdrawals, sees 3,326 BTC outflow in first hour The significant BTC outflow post-reopening highlights user concerns over exchange security and a preference for private asset control. The post Bitget reopens Bitcoin withdrawals, sees 3,326 BTC outflow in first hour appeared first on Crypto Briefing .
Open source