Bitget began restoring Bitcoin withdrawals at 08:00 UTC on Sept. 28, four days after a security incident on Sept. 24. This marks the initial phase of a full withdrawal resumption plan extending through Oct. 2.
On-chain analyst ai_9684xtpa reported that 2,042.28 BTC, valued at approximately $169 million, moved from Bitget's Protection Fund holdings into hot wallets in advance of the reopening. This transfer positions liquidity for returning user activity.
The Protection Fund held approximately 5,500 BTC prior to this transfer, leaving 3,457.72 BTC in tracked reserve addresses. These internal on-chain movements represent operational positioning, not customer withdrawals.
Bitget confirmed the exploited vulnerability has been remediated and no further unauthorized transfers have been identified since containment measures were implemented. Customer account balances remain unaffected by the incident.
Initial estimates of unauthorized transfers involved approximately $351.6 million from portions of Bitget's hot and warm wallet infrastructure. A subsequent review increased the affected amount to $387.5 million, incorporating additional Zcash and TRON transactions.
The exchange stated its cold wallets were not compromised. Bitget affirmed its User Protection Fund would cover the financial impact from the unauthorized transfers. The fund was valued above $464 million at the time of the incident, with a substantial portion denominated in Bitcoin, meaning its dollar value fluctuates with BTC's market price.
Bitcoin withdrawals are the first major asset to return. Bitget opted for a staged approach rather than simultaneous reopening of all withdrawal routes, allowing the exchange to validate its withdrawal infrastructure under live conditions.
Ethereum withdrawals are scheduled for Sept. 29. USDT withdrawals follow on Sept. 30. Remaining tokens, fiat withdrawals, and P2P services are scheduled to resume by Oct. 2.
Deposits and trading functionalities remained operational throughout the withdrawal suspension period.
