CryptoSlate
Bitget says Bitcoin withdrawals on the Bitcoin network are open, the first stage of its phased recovery after a Sept. 24 security breach. The exchange raised its estimate of affected assets to about $387.5 million from $351.6 million, saying the revision reflected newly identified transactions from the original incident, not additional unauthorized transfers. It says customer balances remain unaffected and its Protection Fund will cover the financial impact.
Why it matters
Trading and withdrawals are separate tests of an exchange’s recovery. Bitget’s public feed showed BTCUSDT and ETHUSDT futures fills on Sept. 28, but those records establish activity only in two contracts during specific seconds. They do not show that customers can transfer funds off the platform. Likewise, Bitget’s notice that BTC withdrawals are open does not confirm any completed customer withdrawal.
The reopening plan schedules ETH withdrawals across Ethereum, BSC, Arbitrum, Base and Optimism for Sept. 29, USDT across Ethereum, BSC, Solana and Tron for Sept. 30, and other tokens, fiat and peer-to-peer services for Oct. 2. Access therefore depends on the asset and network a customer needs.
Market impact
A Sept. 28 snapshot showed displayed BTC and ETH futures orders near the midpoint, but those figures describe a static derivatives order book, not available withdrawal liquidity or completed customer transactions. Orders can change, and the snapshot cannot establish current conditions or a measured change from before the breach.
The practical signal to watch is whether BTC withdrawals complete in practice, followed by the scheduled reopening of each asset and network. Bitget’s assurances about customer balances and its Protection Fund are the exchange’s own; completed transfers would provide a distinct, observable test of the recovery.
Frequently asked questions
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Does Bitget's notice confirm that customers have completed BTC withdrawals?
No. Bitget says BTC withdrawals on the Bitcoin network are open, but its notice does not document a completed customer transfer.
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Why did Bitget raise its estimate of assets affected by the hack?
The estimate increased from $351.6 million to about $387.5 million after Bitget identified more transactions from the original incident. The exchange said the revision did not reflect additional unauthorized transfers.
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When are ETH and USDT withdrawals scheduled to resume?
ETH withdrawals across Ethereum, BSC, Arbitrum, Base and Optimism are scheduled for Sept. 29. USDT withdrawals across Ethereum, BSC, Solana and Tron are scheduled for Sept. 30.
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Do futures trades on Bitget show that customers can withdraw funds?
No. Public BTCUSDT and ETHUSDT futures fills establish trading in those contracts at particular times. Trading and off-platform withdrawals are separate tests.
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What is the next observable test of Bitget's recovery?
Whether BTC withdrawals complete in practice is the first test, followed by the reopening of each asset and network on Bitget's phased schedule.
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