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Public · Published
Bitget releases withdrawal schedule after $350 million hack
Bitget said a security breach detected September 24 led to unauthorized transfers of $350 million to $387.5 million from its hot and warm wallets. Bitget stated the incident is contained, the vulnerability is fixed, and withdrawals will be restored on a released schedule.
Published:
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What happened
Bitget said a security breach detected September 24 led to unauthorized transfers of $350 million to $387.5 million from its hot and warm wallets. Bitget stated the incident is contained, the vulnerability is fixed, and withdrawals will be restored on a released schedule.
Confirmed
Global impact / market context
If customer balances are truly covered by the exchange's more than $464 million User Protection Fund, which means money set aside to repay users, then customers may face limited losses and the exchange may avoid a run on withdrawals. However, investor trust in exchange safety could still weaken.
Analyst inference
Crypto exchange hacks can push traders to move coins to other venues or self-custody, which means holding their own keys. That shift can lower trading activity and fee revenue at affected platforms, and may invite closer regulatory scrutiny of hot wallet security practices.
Analyst inference
What to watch
- Bitget's withdrawal schedule: watch whether withdrawals actually reopen on the released timeline, because delays would directly test whether customer funds are accessible as stated. Confirmed
- If Bitget uses its User Protection Fund to cover any shortfall, watch whether the fund's publicly verifiable assets remain above the stated $464 million after any payouts. Proposed
- Watch for user withdrawal volumes after reopening, since heavy outflows would signal falling confidence in Bitget and could pressure its cash available for daily operations. Analyst inference