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Bitget resumes withdrawals after $388 million hack
Crypto exchange Bitget has begun gradually restoring withdrawals after a hack that drained around $388 million from the platform on Sept. 24. Bitcoin withdrawals are being restored first, with other assets to follow.
The exchange said it reopened BTC withdrawals via the Bitcoin network on Monday. Other operations will return in stages, as each network must undergo additional security checks before being reactivated.
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On Sept. 29, Bitget plans to resume ETH withdrawals via Ethereum, BSC, Arbitrum, Base and Optimism. USDT withdrawals via Ethereum, BSC, Solana and Tron are scheduled to return a day later. Withdrawals for all remaining assets, fiat withdrawals and P2P transactions are expected to be fully restored on Oct. 2.
How the hack happened
The incident took place on Sept. 24. The attacker obtained high-level internal credentials through a vulnerability in a third-party security product used by Bitget. The attacker then sent fraudulent withdrawal commands that bypassed risk controls and triggered unauthorized transfers.
According to the exchange, private keys were not compromised, while user balances and cold wallets were not affected. Earlier reports said that ETH, USDT, USDC, AVAX and BNB were among the assets transferred.
Bitget said the vulnerability has already been patched and that there have been no further unauthorized transfers. Mandiant and SlowMist are assisting with the investigation.
The $388 million loss made the attack the largest reported crypto theft so far this year. The exchange said it will fully cover the losses through the Bitget User Protection Fund, which holds 5,500 BTC.
Bitget has also launched a recovery bounty program. Parties whose actions directly help freeze or recover stolen assets will receive 5% of the amount successfully recovered.
The exchange has not identified the attackers, but described them as a sophisticated, state-backed group. Bitget previously said it suspects North Korea may have been behind the attack.
One of the biggest blows to a crypto exchange
The Bitget hack became one of the largest attacks on crypto exchanges in the industry’s history. According to the exchange’s own estimate, attackers stole about $351.6 million. That puts the incident in the same range as the Mt. Gox and FTX hacks, where attackers took roughly $473 million and $477 million, respectively. Coincheck suffered an even larger loss in 2018, at around $534 million.
The largest exchange hack on record still belongs to Bybit. In February 2025, attackers drained about $1.46 billion in Ethereum and related tokens after compromising the transaction approval process. In Bitget’s case, the exchange says private keys were not compromised: attackers instead gained access to an internal transaction authorization system and bypassed risk controls. The incident is another example of how modern attacks are increasingly shifting from direct key theft to targeting the infrastructure surrounding crypto wallets.
As a reminder, Bitget wallets transferred more than $170 million in crypto amid security concerns.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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