Bitget will resume crypto withdrawals gradually following a security lapse in which it lost approximately USD 351.6 million from some of its hot and warm wallets.
The platform added that the withdrawals will resume slowly once they have implemented more security checks. Bitcoin withdrawals will be reopened first on 28 September at 08:00 UTC.
Meanwhile, withdrawals in Ethereum will resume on September 29. The withdrawal of USDT is scheduled to take place on September 30. The rest of the tokens, fiat and P2P should restore by October 2.
Bitget stated that the exploit that was used in an attack has been discovered and patched. It is now undergoing additional testing throughout the withdrawal system, by its security and technical teams.
“The vulnerability involved in the incident has been identified and remediated,” Bitget wrote on X.
The exchange said that the suspension from the withdrawal was a precautionary measure for security reasons. It emphasized that the balances of customers have not been impacted despite the humongous $352 million Bitget hack on Thursday, September 24.
“The temporary withdrawal pause remains a security measure and is not related to the availability of user assets,” Bitget said.
Bitget also said its Protection Fund will cover the financial damage from the incident. The CEO Gracy Chen earlier revealed that it has more than $464 million in the fund.
Bitget will begin resuming withdrawals in orderly phases following the security incident on Sep 24. Thank you all for your patience. Please understand that due to the different nature of this incident (which involves multiple blockchains and multiple cryptocurrencies), we are… https://t.co/XfdPsIIRiR
However, it’s important to note that the breach only affected parts of Bitget’s hot and warm wallet infrastructure. Hence, the cold wallets remained secure, according to Chen. Thus, trading and deposits also remain operational on the crypto exchange .
Meanwhile, the stablecoin issuers have taken steps to freeze a small fraction of the stolen money. The address names “Bitget Exploiter 8” has been blacklisted by Circle and Tether. The move froze 218,023 USDT and 99,990 USDC. Their combined assets were approximately $318,000.
Chen expressed his gratitude to both companies for their prompt response. “Every address frozen matters,” she wrote.
She also announced that Bitget has the Recovery Bounty Program. The exchange is providing a 5% discount when it comes to freezing attacker-controlled funds, and a 5% asset recovery discount.
Thank you to Circle and Tether for moving quickly. Every address frozen matters.
To the broader community: Bitget's Recovery Bounty Program is live — 5% for freezing attacker funds, 5% for recovery. Every exchange, security researcher, and onchain investigator can make a… https://t.co/UrFjceBL49
The embezzled crypto stack contained a significant number of XRP tokens. Almost $157.5 million in XRP was reportedly siphoned off, which was the largest amount of assets stolen in this incident. Ethereum was also one of the big assets seized.
The attackers allegedly transferred the funds among several networks and swapped some of their holdings in ETH.
Bitget has said the incident is contained. It also said any additional unauthorized transfers are no longer possible.
Mandiant and SlowMist are helping with the investigation. Bitget claimed that its users would not be required to do anything before withdrawals are re-opened.
“Withdrawal availability will be reflected directly on the Bitget platform,” the crypto exchange added.
There has also been a suggestion that the Lazarus Group, which is linked to the North Korean government, may have been involved by Chen and some blockchain experts. The attribution is still being investigated.
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