Key Insights
- The Bitget crypto hack loss estimate rose to $387.5 million after additional assets were identified.
- Bitget will begin restoring withdrawals on Sept. 28, starting with Bitcoin.
- Circle and Tether froze about $318,000 in stablecoins linked to an attacker-tagged wallet.
Bitget is set to restart withdrawals on Sept. 28 following an upward revision of its crypto hack losses to approximately $387.5 million. The platform reported that the core vulnerability has been resolved, while secondary security audits are ongoing.
Bitcoin payouts are scheduled to resume initially, with ETH and USDT on selected networks following shortly after. Bitget confirmed that user account balances are safe and that its Protection Fund will absorb the financial impact.
Bitget Crypto Hack Loss Estimate Rises to $387.5M
In an official statement, Bitget announced a phased rollout for resuming withdrawals in the wake of the Sept. 24 security breach. The exchange noted that its technical and security teams have been performing supplemental checks and validation across its withdrawal infrastructure.
BTC withdrawals will open on the Bitcoin network on September 28. The following day, September 29, will bring ETH withdrawals across Ethereum, BSC, Arbitrum, Base, and Optimism. On September 30, USDT withdrawals will become available on Ethereum, BSC, Solana, and Tron, while withdrawals for all other tokens, fiat, and P2P services will open on October 2.
Bitget CEO Gracy Chen stated that the exchange is handling this incident differently than Bybit’s approach to its $1.5 billion exploit, pointing out that the September 24 breach at Bitget impacted multiple cryptocurrencies and blockchains.
Chen also scheduled a live AMA for September 28 at 07:30 UTC—just 30 minutes before Bitcoin withdrawals restart—to discuss the restoration process, upcoming plans, and questions from the community.
According to Chen, the exchange aims to transform this crisis into a chance to prove that user trust is well placed. She reaffirmed that Bitget still intends to pursue an initial public offering (IPO) within the next three years.
In the wake of the breach, Bitget reiterated that customer balances remain untouched. Furthermore, the platform’s User Protection Fund is designated to cover the entirety of the $351 million in losses.
Circle and Tether Freeze $318,000 Linked to Bitget Hack
An earlier report from CoinDesk revealed that Tether and Circle blacklisted roughly $318,000 in stablecoins associated with the incident. The issuers targeted a wallet designated as “Bitget Exploiter 8,” freezing 99,990 USDC and 218,023 USDT.
Circle executed the freeze at 05:00 UTC on September 25, and MistTrack subsequently verified that Tether had blacklisted the address as well. These frozen funds make up only a fraction of the total stolen capital.
Data from MistTrack shows that other wallets tied to the attacker continue to hold upwards of 63,000 ETH, which fall outside the freezing capabilities of stablecoin issuers.
Reacting to these measures, Bitget CEO Gracy Chen stated: “Thank you to Circle and Tether for moving quickly. Every address frozen matters”.
Chen added that the platform has publicly identified and is actively tracking the perpetrator’s addresses, noting that Bitget has formally requested THORChain to block service to those accounts.
Bitget Hacker Withdraws $1.23 Million From Binance
Drawing on Arkham Intelligence data, on-chain analytics tracker Lookonchain reported that wallet 0x4885 transferred 457.9 ETH—valued at roughly $1.23 million—to an address connected to the Bitget hacker.
Approximately 11 hours prior, the wallet had pulled 257.6 ETH (worth about $692,000) along with 545,000 USDT from Binance. It then traded the USDT for 200.2 ETH before routing the combined 457.9 ETH to the attacker’s wallet about an hour ago.
This article is for informational purposes only and does not constitute financial or investment advice. The investigation remains ongoing, and on-chain wallet labels do not establish legal ownership or attribution.