CryptoSlate
Bitget's tracked Bitcoin reserves fell by about 4,642 BTC, from 35,412 BTC to roughly 30,770 BTC, after the exchange reopened Bitcoin withdrawals on Sept. 28. CEO Gracy Chen said Bitget had processed 9,585 withdrawal orders totaling 4,098.036 BTC by 17:00 UTC+8. The reserve decline was worth about $391 million at prevailing prices, following a hack Bitget valued at $387.5 million.
Why it matters
The gap between the reported customer withdrawals and DeFiLlama's reserve decline means the balance change cannot be treated as a direct measure of withdrawals. DeFiLlama tracks assets in wallets attributed to exchanges, and movements or differences in address coverage can also affect the figure. Still, the rapid drop offers an early indication of customer response after Bitget froze withdrawals for four days.
Bitget says the attack exploited vulnerabilities in third-party products to obtain internal credentials, which were then used to submit fraudulent withdrawal instructions. The exchange says its private keys and cold-wallet reserves were not compromised, that affected systems and credentials were addressed, and that customers will bear no losses. It plans to replenish its Protection Fund to more than $300 million within a week.
Market impact
Bitcoin withdrawals resumed Sept. 28, with Ethereum scheduled for Sept. 29, USDT for Sept. 30, and remaining tokens, fiat and peer-to-peer services for Oct. 2. The staggered reopening gives users and markets further checkpoints for assessing confidence in the exchange's recovery.
Meanwhile, investigators say exploit proceeds are being fragmented across bridges, cross-chain protocols and mixing services. ZachXBT traced funds toward THORChain, where a dispute has emerged over whether operators should use available emergency controls to stop suspected stolen assets. GoPlus estimated about 101.5 BTC had exited through THORChain and said another 27.63 million XRP was being converted into Bitcoin. THORChain argues that selectively blocking users or swaps would violate its commitment to transaction neutrality.
Frequently asked questions
-
How much Bitcoin did Bitget say customers withdrew?
CEO Gracy Chen said Bitget processed 9,585 withdrawal orders totaling 4,098.036 BTC by 17:00 UTC+8 on Sept. 28.
-
Why was Bitget's reported reserve decline larger than customer withdrawals?
DeFiLlama tracks Bitcoin in wallets attributed to exchanges. Wallet movements or differences in address coverage can affect its balance figures, so the decline does not equal customer withdrawals alone.
-
What did Bitget say caused the attack?
Bitget said vulnerabilities in third-party products allowed attackers to obtain internal credentials, which they used to submit fraudulent withdrawal instructions.
-
Which withdrawals were scheduled to resume after Bitcoin?
Bitget scheduled Ethereum withdrawals for Sept. 29, USDT for Sept. 30, and remaining tokens, fiat and peer-to-peer services for Oct. 2.
-
Why are investigators and THORChain debating intervention?
Investigators say exploit funds moved through THORChain. GoPlus argues operators have emergency controls they could use, while THORChain says selectively blocking users or swaps would violate transaction neutrality.
WuBlockchain
TheBlock
Crypto News
Crypto Capital Venture