Bitget Reopens Bitcoin Withdrawals After $387.5 Million Breach
Crypto exchange Bitget has resumed Bitcoin withdrawals after a security breach that resulted in $387.5 million in losses. Withdrawals of Ether and Tether remain suspended as the company addresses the incident and its fallout.
Why It Matters
Restoring BTC withdrawals affects liquidity and customer access on one of the larger cryptocurrency exchanges, while the continued suspension of ETH and USDT withdrawals signals unresolved risks for assets beyond Bitcoin. The CEO's pledge to restore the protection fund is a key development for user compensation and platform stability.
Key Facts
- Exchange: Bitget
- Incident: Security breach resulting in $387.5 million in losses
- Withdrawals reopened: Bitcoin (BTC) withdrawals resumed
- Withdrawals still paused: Ether (ETH) and Tether (USDT)
- Executive: CEO Gracy Chen (pledged action)
Bitget said it has reopened Bitcoin withdrawals after a security breach that led to $387.5 million in lost funds. The exchange did not reopen all asset withdrawals at once; its statement confirmed that BTC access for users has been restored while other tokens remain affected.
At the time of the announcement, Ether and USDT withdrawals were still paused. Bitget has not indicated a timetable for resuming withdrawals of those assets in the excerpted material.
CEO Gracy Chen pledged to replenish the exchange's protection fund and said she expects to raise it above $300 million this week. The commitment is presented as part of the firm's response to the breach and as a measure intended to bolster user protections.
Further operational details, such as the breach's cause, the scope of user impact beyond the amounts reported, and specific steps for ETH and USDT withdrawal resumption, were not included in the provided excerpt.
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