Bitget Resumes Bitcoin Withdrawals After $387.5M Crypto Heist

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Bitget has reinstated Bitcoin withdrawal capabilities after a $387.5 million security breach.

Overview of the Security Incident

Cryptocurrency exchange Bitget has reinstated Bitcoin withdrawal capabilities after suspending the feature following a security incident involving unauthorized fund transfers. The breach, attributed to suspected North Korean cyber actors, resulted in the theft of $387.5 million from the platform’s hot and warm wallets. The exchange confirmed that the vulnerability exploited in the attack has been resolved and outlined a timeline for restoring withdrawal services across other supported assets and networks.

Timeline for Withdrawal Resumption

Withdrawals for Ethereum (ETH), BSC, Arbitrum, Base, and Optimism chains are scheduled to resume on September 29 at 8:00 UTC. ETH, BSC, Solana, and Tron-based USDT withdrawals will restart on September 30 at the same time, with additional tokens, fiat, and P2P assets expected to follow by October 2 at 8:00 UTC.

Company Statement and Security Measures

The company emphasized that the withdrawal halt was a precautionary measure and clarified that user account balances remain intact. Bitget’s Protection Fund is covering the financial impact of the incident, and no further unauthorized transactions are possible.

Bitget CEO Gracy Chen stated the attack affected multiple blockchain networks, including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC, and Base. The compromised assets included ETH, XRP, BNB, AVAX, USDT, USDC, and other tokens. Chen linked the incident to North Korean hackers, citing on-chain analysis and IP behavior patterns.

Details of the Attack

Attackers reportedly infiltrated a critical backend system within Bitget’s wallet infrastructure, enabling them to manipulate transaction data and bypass authorization protocols to siphon funds. The total stolen amount was updated to $387.5 million following enhanced on-chain tracing and transaction classification.

Recovery Efforts and Bounty Program

Bitget launched a Recovery Bounty Program, offering 5% rewards for assistance in recovering or freezing seized funds. This follows previous reports of North Korean state-sponsored cybercriminals stealing over $6 billion in cryptocurrency since 2017, as estimated by blockchain analytics firm Elliptic in February 2025.

Ongoing Investigations and Security Measures

The exchange reiterated that trading and deposit functions remain operational, with no impact on user funds during the resolution process. Technical teams are conducting ongoing investigations to identify all affected systems and prevent future incidents.