Bitget to Resume Crypto Withdrawals Following Security Breach
Cryptocurrency exchange Bitget announced it will gradually reinstate withdrawal services starting September 28, following a significant security incident that led to a temporary suspension. The exchange confirmed that the vulnerability has been identified and addressed, with extensive security checks now nearing completion.
Phased Reopening of Withdrawal Services
Bitcoin withdrawals are scheduled to be the first to resume on September 28 at 08:00 UTC, operating on the native Bitcoin network. This will be followed by Ethereum withdrawals on September 29, which will be available across multiple networks including Ethereum, BNB Smart Chain, Arbitrum, Base, and Optimism. USDT withdrawals are slated to restart on September 30, supporting transactions on Ethereum, BSC, Solana, and Tron.
The phased reopening will continue with other assets, including XRP, BNB, and AVAX, with their withdrawal services expected to be fully restored by October 2. Fiat currency and P2P services are also slated to return to normal operations on the same date.
Asset Recovery Bounty Program Launched
In conjunction with the resumption of withdrawal services, Bitget has introduced an Asset Recovery Bounty Program. This initiative aims to incentivize the community to assist in recovering the stolen funds, offering rewards of up to 10% of the recovered amount. Participants can earn a 5% reward for successfully freezing stolen funds and an additional 5% if those efforts lead to the full recovery of the assets.
Details of the Security Incident
The security breach, initially estimated to involve $351.6 million in assets, was later revised by Bitget to approximately $387.5 million. The updated figure includes assets from Zcash and TRON that were not accounted for in the initial assessment. Bitget CEO Gracy Chen emphasized that the temporary withdrawal pause was a precautionary security measure and did not impact users’ account balances.
The exchange stated that the security issue has been resolved, preventing further unauthorized transfers. However, withdrawals were halted as an additional safeguard while the platform conducted a comprehensive security review. Crucially, deposit services and other exchange functionalities remained operational throughout the review period, as incoming deposits were not deemed a threat to the platform’s core systems.
Community and Partner Support
Bitget has acknowledged the swift actions of Circle and Tether, who have already frozen approximately $318,000 worth of USDT and USDC from an address linked to the attacker. Despite these efforts, a substantial amount of stolen assets remains under investigation. Data indicates that wallets associated with the attacker still hold over 63,000 ETH, valued at around $183 million, and more than 102 million XRP tokens, worth approximately $157.48 million, which are currently not frozen.
