Bitget’s reported crypto theft has risen to $387.5 million, with the exchange promising to cover the losses and begin restoring withdrawals on September 28.
The updated figure exceeds the initial $351.6 million estimate, after additional stolen assets on Zcash and TRON were identified, according to Arkham Intelligence. The attack was detected on September 24.
How Did the Attack Happen?
CEO Gracy Chen said attackers compromised a system connected to Bitget’s wallet infrastructure and forged transaction data, causing its authorisation process to approve fraudulent transfers. The company said private keys were not stolen.
Arkham tracked the stolen cryptocurrency moving between addresses and being exchanged for other assets. Such movements can complicate recovery, even when transactions remain visible on the blockchain.
Tracing stolen funds does not automatically mean they can be recovered.
Can the Protection Fund Cover the Loss?
Bitget says its User Protection Fund covers the financial impact and customer account balances remain unaffected.
At the approximately $464 million fund valuation reported when the incident emerged, the revised theft equals roughly 83.5% of that reserve. That calculation is illustrative: recoveries could reduce the eventual cost, while the fund’s Bitcoin holdings fluctuate in dollar value.
The exchange’s assurance also does not mean customers have uninterrupted access to their assets. Withdrawals were paused while security checks continued.
Related: How to Protect Your Assets.
When Will Withdrawals Resume?
In its September 26 announcement, Bitget published the following planned schedule:
| Date | Planned restoration |
|---|---|
| September 28, 08:00 UTC | Bitcoin withdrawals |
| September 29, 08:00 UTC | Ethereum withdrawals on listed networks |
| September 30, 08:00 UTC | USDT withdrawals on listed networks |
| October 2, 08:00 UTC | Other tokens, fiat and P2P services |
The company says the vulnerability has been fixed, with Mandiant and SlowMist supporting the investigation. Trading and deposits remain available, according to Bitget.
These are announced restart dates, rather than confirmation that withdrawals have already resumed.
Bitget says users do not need to take action before the rollout and should check availability directly on its platform.
Related: How to Avoid Financial Scams: A Priority Action Plan.
The next test is whether Bitget restores withdrawals on schedule and provides a clear account of the breach, recoveries and how losses are funded.
Disclosure: This article does not represent investment advice. The content is for informational and educational purposes only.
