Bitget says Bitcoin withdrawals are open after $387M hack, but ETH and USDT must wait
Bitget reports that Bitcoin withdrawals are open following its $387 million security breach, while withdrawals for Ethereum and USDT are scheduled to resume on subsequent dates as part of a phased recovery plan.
Around 04:20 UTC on Monday, public feeds for Bitget displayed BTC and ETH futures transactions occurring following the platform’s Sept. 24 security breach. On Sept. 28, Bitget announced that Bitcoin withdrawals on the Bitcoin network were active, marking the initial phase of its staggered reopening plan. While the notice indicates the service is active, it does not confirm a successfully finalized customer withdrawal. Moving assets off the platform and executing trades remain distinct tests.
Bitget reported that security protocols identified unauthorized outflows from several hot wallets on Sept. 24 at 18:31 UTC. The platform halted withdrawals while maintaining active trading and deposits. Initial estimates placed the affected funds at roughly $351.6 million. Following a review that uncovered additional transactions from the initial event, an update on Sept. 25 adjusted the total to approximately $387.5 million, though Bitget emphasized this update did not account for any new unauthorized transfers.
According to the exchange, user balances remain unaffected, and the Protection Fund will absorb the financial fallout of the breach. These guarantees originate directly from the platform. For users, the pressing inquiry is whether they can successfully withdraw their funds or trading proceeds from their accounts.
The exchange’s phased recovery schedule sets 08:00 UTC for each of the following dates:
| Scheduled date | Withdrawal service |
|---|---|
| Sept. 28 | BTC on Bitcoin |
| Sept. 29 | ETH on Ethereum, BSC, Arbitrum, Base and Optimism |
| Sept. 30 | USDT on Ethereum, BSC, Solana and Tron |
| Oct. 2 | Other tokens, fiat and peer-to-peer services |
The initial scheduled restoration had not yet occurred when the public trading data was captured at 04:20 UTC. Bitget subsequently stated that Bitcoin withdrawals on the Bitcoin network are operational, though its service bulletin does not verify the completion of individual transactions. Consequently, a user holding ETH on a network slated for the Sept. 29 rollout encounters a different timeline than a user withdrawing BTC on the Bitcoin network.
Bitcoin withdrawals and futures trading are separate tests
Bitget’s public trade logs registered 100 BTCUSDT futures executions between 04:20:25 and 04:20:49 UTC on Sept. 28, alongside 100 ETHUSDT executions between 04:20:34 and 04:20:52 UTC. These logs demonstrate that the two USDT-margined contracts processed orders during those specific seconds. The data is limited to those two contracts and timeframes, leaving other markets and individual execution prices unmeasured.
An alternative observation around 04:21 UTC revealed $22.14 million in visible BTC futures buy and sell orders, alongside $10.29 million in ETH orders positioned within 0.05% of each contract’s midpoint. This range accounts for orders priced within 0.05% of the best available bid and ask prices. The quoted spread for BTC measured roughly 0.012 basis points, while the ETH spread was approximately 0.038 basis points.
A simulated $500,000 sell order executed against the visible buy orders would have yielded an average execution price 0.0095% below the BTC midpoint and 0.0183% below the ETH midpoint, prior to fees. This calculation relies on a static order book, meaning no actual customer order generated these exact figures. Orders are subject to cancellation, modification, or replenishment while trades are executed, and the snapshot merely reflects a single instance during the withdrawal restriction.
Historical context is provided by a TokenInsight analysis. Evaluating nine platforms at 30-minute intervals from Aug. 16 through Sept. 14, the report ranked Bitget first in combined BTC and ETH futures depth inside the broader 0.05% bracket, registering a median of $41.60 million. Within the narrower 0.03% bracket, Bitget secured the third position at $15.25 million, trailing MEXC and Hyperliquid. Because the study concluded prior to the security incident, differing timeframes and methodologies prevent a direct comparison of pre- and post-hack liquidity or a current standing among competitors.
An order book for futures simply reflects visible interest in a derivative product. Executing withdrawals, however, necessitates distinct proof regarding asset conversion and transfers across the intended blockchain networks. While the public transactions confirm activity for two contracts at a specific moment, Bitget’s schedule and BTC announcement outline the gradual restoration of external transfers. The next tangible metric is whether Bitcoin withdrawals execute successfully in practice, followed by the rollout of subsequent assets and networks outlined in the schedule.
Frequently Asked Questions
01Are Bitcoin withdrawals currently available on Bitget?
Bitget stated that Bitcoin withdrawals on the Bitcoin network opened on Sept. 28 as part of its phased recovery plan, though service notices do not verify the completion of individual customer transactions.
02When will Ethereum and USDT withdrawals resume?
According to Bitget’s schedule, ETH withdrawals are planned for Sept. 29 across multiple networks, while USDT withdrawals are slated to resume on Sept. 30.
03How much was lost in the Bitget security breach?
Bitget initially estimated affected hot wallet assets at $351.6 million, later revising the figure to approximately $387.5 million after identifying additional transactions from the original incident.
