Bitget restored Bitcoin withdrawals on its native network on Sept. 28, four days after a hot-wallet breach drained approximately $387.5 million from the exchange, according to the company's service notices.

What happened at 18:31 UTC on Sept. 24?

Bitget's security systems detected unauthorized transfers from several hot wallets at 18:31 UTC on Sept. 24. The exchange suspended withdrawals while keeping trading and deposits open. In a Sept. 25 update, Bitget raised its preliminary $351.6 million estimate to approximately $387.5 million after identifying additional transactions tied to the same incident. The exchange said the revision did not reflect new unauthorized transfers.

How is Bitget covering the loss?

Bitget maintains that customer balances remain unaffected. According to the exchange, its Protection Fund will absorb the financial impact of the breach. Those assurances come from Bitget's own notices rather than an independent on-chain review of customer accounts.

What does the phased reopening cover?

Bitget published a four-stage timetable with each restart set for 08:00 UTC:

• Sept. 28: BTC on the Bitcoin network
• Sept. 29: ETH on Ethereum, BNB Smart Chain, Arbitrum, Base and Optimism
• Sept. 30: USDT on Ethereum, BNB Smart Chain, Solana and Tron
• Oct. 2: Remaining tokens, fiat channels and peer-to-peer services

The Sept. 28 notice states that BTC withdrawals on Bitcoin are open but does not document a completed customer transfer. ETH holders on networks scheduled for Sept. 29 and USDT users on the Sept. 30 cohort face separate clocks.

Why does trading activity not equal withdrawal access?

Public trade data recorded 100 BTCUSDT and 100 ETHUSDT futures fills in the seconds around 04:20 UTC on Sept. 28, before the 08:00 UTC restart window. A separate snapshot around 04:21 UTC showed $22.14 million of displayed BTC futures orders and $10.29 million of ETH orders within 0.05% of each contract's midpoint. A hypothetical $500,000 sell against the displayed book would have averaged 0.0095% below the BTC mid and 0.0183% below the ETH mid, before fees.

These figures describe a derivative order book at one moment. Whether a customer can convert and route balances to an external address depends on the withdrawal queue, network conditions and compliance checks — none of which appear in trade prints.

How did Bitget rank on liquidity before the breach?

A TokenInsight study sampled nine venues every 30 minutes from Aug. 16 through Sept. 14. Within a 0.05% band of the midpoint, Bitget ranked first for combined BTC and ETH futures depth at a $41.60 million median. At the tighter 0.03% band, Bitget placed third at $15.25 million, behind MEXC and Hyperliquid. The study's window closed before the breach.

What is the next test?

The schedule's next checkpoint is 08:00 UTC on Sept. 29, when ETH transfers on Ethereum, BNB Smart Chain, Arbitrum, Base and Optimism are scheduled to come online. Each cohort will need to clear both technical and compliance gates before customers can move balances off-platform, with USDT and the remaining token set following through Oct. 2.