The exchange plans a staged withdrawal resumption following a hack that reportedly drained hundreds of millions in crypto assets. Bitget has told users it will restart withdrawals in phases s
The exchange plans a staged withdrawal resumption following a hack that reportedly drained hundreds of millions in crypto assets.
Bitget has told users it will restart withdrawals in phases starting September 28, following a security incident that forced a temporary suspension of the service. The exchange has not yet detailed a full timeline for when all withdrawal functions will return to normal.
The staged approach is a common response among centralized exchanges after security breaches. It allows platforms to verify wallet integrity and rebuild reserves before fully reopening access to customer funds. A phased restart also gives exchanges time to monitor for further suspicious activity before lifting all restrictions.
Reports differ on the scale of the incident. One outlet described it simply as a security incident without specifying losses, while another reported that hackers stole approximately $352 million in XRP and ether tokens. The discrepancy in reported figures underscores how details of exchange breaches often emerge gradually, with initial estimates subject to revision as investigations proceed.
Bitget has not publicly confirmed the exact loss figure cited in some reports. Exchanges frequently withhold precise numbers during active investigations to avoid tipping off attackers or complicating recovery efforts. Users are typically advised to monitor official channels for verified updates rather than rely on early estimates.
Security breaches at centralized exchanges remain a persistent risk in the crypto industry, despite years of improvements in custody practices. High-profile hacks have previously targeted hot wallets, bridge protocols, and internal systems, prompting platforms to adopt cold storage, multi-signature controls, and insurance reserves. How Bitget handles this incident, including any compensation plans for affected users, will likely shape trader confidence in the exchange going forward.
The timing of the withdrawal freeze and subsequent staged reopening suggests Bitget moved to contain the situation before restoring full service. Exchanges facing similar incidents in the past have used the pause period to audit wallets, patch vulnerabilities, and coordinate with blockchain analytics firms to trace stolen funds. It remains unclear whether Bitget has recovered any of the reportedly stolen assets or whether law enforcement has been involved.
For now, users await further clarity on which assets and account types will see withdrawals restored first. Exchanges typically prioritize stablecoins and major assets during phased resumptions, though Bitget has not confirmed its specific rollout order.
A security incident of this nature can weigh on user confidence in an exchange, particularly if withdrawal delays persist or loss figures remain unconfirmed. Traders often shift activity toward platforms perceived as more secure following breach disclosures, which can affect trading volumes and liquidity at the affected exchange.
If the reported $352 million theft in XRP and ETH is confirmed, it would rank among the larger exchange breaches of the year, potentially renewing scrutiny of centralized custody practices across the industry. Broader market reaction will likely depend on how quickly Bitget restores full withdrawal access and whether it discloses a clear account of the incident.
Bitget's staged withdrawal restart marks an initial step toward normal operations, but full clarity on the incident's scale and any recovery of funds has yet to emerge.
Bitget plans to begin resuming withdrawals in stages starting September 28, according to reports, though a complete timeline has not been confirmed.
One report cited losses of approximately $352 million in XRP and ETH, though this figure has not been independently confirmed by Bitget.
The exchange halted withdrawals following a security incident, a common precaution allowing platforms to audit systems and secure remaining funds before reopening access.
Bitget has not publicly detailed any compensation plans for users impacted by the incident as of this report.
Originally reported by AltcoinGordon, written by Grace Mitchell. Republished with permission.
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