Bitget Restarts Bitcoin Withdrawals Following $387.5m Wallet Breach

The cryptocurrency exchange Bitget has restarted Bitcoin withdrawals four days after unauthorized transfers totaling approximately $387.5m were made from part of its hot and warm wallet infrastructure.

Withdrawals on the Bitcoin network reopened at 08:00 UTC on September 28 after additional security checks.

Bitget's September 26 withdrawal update said the vulnerability behind the incident had been identified and remediated, while its investigation with Mandiant and blockchain security firm SlowMist continued.

Bitget Traces Breach to Third-Party Security Product

The incident was detected on September 24, when Bitget's security systems flagged unauthorized transfers from some of its hot wallets. The exchange initially estimated the affected amount at $351.6m before revising the figure to approximately $387.5m after further transaction classification identified additional affected Zcash and TRON transfers.

Bitget said the revision did not represent additional unauthorized transfers after the incident was contained. The exchange added that its cold wallets were unaffected and that user account balances remained intact.

The withdrawal suspension was introduced as a security measure while Bitget examined the withdrawal infrastructure. Trading and deposits continued during the pause.