Key facts
- Bitget will gradually resume crypto withdrawals after a security incident on September 24.
- Approximately $351.6 million was lost from hot and warm wallets.
- Bitcoin withdrawals will resume first on September 28, followed by Ethereum on September 29, USDT on September 30, and other assets by October 2.
- The exchange's Protection Fund, with over $464 million, will cover the losses.
- Circle and Tether froze about $318,000 of the stolen funds.
- XRP accounted for the largest portion of stolen assets, at nearly $157.5 million.
Crypto exchange Bitget is set to gradually resume withdrawals following a security incident on September 24 that resulted in the loss of approximately $351.6 million from its hot and warm wallets. The exchange stated that customer balances remain unaffected and that its Protection Fund, valued at over $464 million, will cover the financial damage.
Withdrawals will be phased in, starting with Bitcoin on September 28, followed by Ethereum on September 29, USDT on September 30, and other tokens, fiat, and P2P services by October 2. Bitget has identified and patched the vulnerability used in the attack and is conducting further security checks.
In parallel, stablecoin issuers Circle and Tether have frozen approximately $318,000 of the stolen assets. XRP represented the largest portion of the stolen funds, with nearly $157.5 million siphoned off. Investigations into the breach are ongoing with assistance from Mandiant and SlowMist, and there is speculation, including from Bitget CEO Gracy Chen, that the Lazarus Group may be involved.