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Bitget says Bitcoin withdrawals are open after $387M hack, but ETH and USDT must wait
Bitget said Bitcoin withdrawals are open again after a $387 million hack, but ETH and USDT withdrawals must wait, according to the article title. It also notes Sept. 28 public fills show BTC and ETH futures activity before the scheduled 08:00 UTC Bitcoin withdrawal restart.
Published:
Updated:
What happened
Bitget said Bitcoin withdrawals are open again after a $387 million hack, but ETH and USDT withdrawals must wait, according to the article title. It also notes Sept. 28 public fills show BTC and ETH futures activity before the scheduled 08:00 UTC Bitcoin withdrawal restart.
Confirmed
Global impact / market context
When an exchange is hacked and only some withdrawals reopen, customers in the delayed assets cannot move their ETH or USDT to safety or other venues. That can push traders to sell or trade around locked balances, affecting prices, trading activity and trust in the platform.
Analyst inference
The article links the restart to Sept. 28 public futures fills in BTC and ETH, which means trading continued while withdrawals were limited. Open futures activity before the 08:00 UTC Bitcoin restart suggests traders were still taking positions, even as ETH and USDT users waited.
Analyst inference
What to watch
- Watch whether Bitget reopens ETH and USDT withdrawals after the stated delay, because that determines when customers can move those assets off the exchange. Confirmed
- Track BTC and ETH futures fills after the 08:00 UTC Bitcoin restart to see whether trading activity changes once Bitcoin withdrawals are fully open again. Proposed
- Monitor whether the $387 million hack leads to customer withdrawals or asset sales, which would affect exchange cash available, prices and investor positioning in BTC, ETH and USDT. Analyst inference
Affected assets
- BTC — Bitcoin
- 00 — 00 Token
- SOL — Solana
- ETH — Ethereum
- USDT — Tether