Bitget Sets September 28 Bitcoin Withdrawals After $387.5M Hack

Bitget BTC Withdrawals Lead Four-Stage Reopening

The timetable lists BTC on the Bitcoin network for September 28; ETH on Ethereum, BSC, Arbitrum, Base and Optimism for September 29; and USDT on Ethereum, BSC, Solana and Tron for September 30. Each stage is scheduled for 08:00 UTC. Other tokens, fiat services and peer-to-peer trading follow October 2 at the same time.

The new decision follows our earlier report on the revised loss and withdrawal pause. That report covered the increase from $351.6 million to $387.5 million and an announcement deadline. The current development is the published restoration sequence, not another increase in losses or evidence of a second attack.

An asset’s name alone does not establish availability on every network. The listed ETH and USDT routes differ, so opening one phase would not demonstrate that every transfer channel has returned. An exchange account balance and a working withdrawal route also answer different questions: the first shows an account entry, while the second allows assets to leave the platform.

Bitget says it has fixed the vulnerability and is validating the withdrawal infrastructure, with Mandiant and SlowMist supporting the investigation. It describes the pause as a security measure, says deposits and trading continue, and schedules a Gracy Chen community question session for September 28 at 07:30 UTC, half an hour before the BTC phase.

The practical test will therefore be completed withdrawals on each promised route. A calendar entry gives customers a planning reference; execution will show whether the restoration has delivered access. The announcement does not provide processing-time targets, withdrawal-cap details or a backlog estimate for the resumed services.

Bitget’s $387.5M Transfer Estimate Leaves Recovery Unresolved

The loss figure rests on reported theft, rather than a vulnerability without observed exploitation. Bitget published receiving addresses for EVM chains, XRP Ledger, Zcash and TRON. Its accounting revision added previously unclassified Zcash and TRON transfers from the original incident, not a new attack wave.

Bitget says industry partners froze some assets, without naming a recovered dollar total. Freezing restricts movement; recovery requires assets to be returned. Subtracting an unspecified frozen amount from the gross transfer estimate would not produce a defensible net-loss figure. The distinction is relevant amid the broader rise in crypto theft documented by TRM Labs.

The original notice valued the User Protection Fund above $464 million and said it covered the incident. On those company figures, the fund exceeded the traced transfer estimate by roughly $76.5 million. That arithmetic does not verify the fund’s current liquidity, allocation or eventual recovery proceeds.

The size of the gross theft and customers’ account balances are also distinct measures. Bitget says balances remain accurate, but a visible balance cannot by itself establish the status of the exchange’s underlying wallet assets. A completed forensic report and recovery accounting would allow those company assurances to be assessed more fully.

Bitget Wallet Separates Self-Custody From Exchange Access

Bitget Wallet’s security statement says its independent architecture and self-custodied assets were unaffected. In that product, users control their keys; assets held in a centralized exchange account depend on the exchange’s custody and withdrawal systems. The shared brand does not make the two custody arrangements interchangeable.

The wallet team also warns against requests to connect to third-party sites for purported security checks, migrate assets or reveal seed phrases. Its warning addresses a separate exposure: impersonators can use a real incident to solicit transfers or credentials. Similar phishing concerns followed the Ledger customer-data incident, although that event involved a different service and cause.

Those warnings do not mean self-custody requires an emergency migration. A statement about an exchange breach should be checked against the affected product and the requested action. The wallet notice specifically rejects purported migration and verification requests from unofficial sources.

The broader Crypto Fear and Greed Index read 74, or Greed, on September 26, up from 71 the previous day. It measures market sentiment, not Bitget’s security or its ability to honor withdrawals.

The next observable milestone is the BTC reopening scheduled for September 28 at 08:00 UTC. Customers still lack a final loss audit, recovery total and full public explanation of the compromise. Whether the listed channels actually reopen on time will establish the immediate user impact of the new plan.