Crypto exchange Bitget reopens Bitcoin withdrawals after major hack
Bitget has restored Bitcoin withdrawals after suspending them when suspected North Korean hackers breached its systems and stole cryptocurrency. The exchange traced $387.5 million to attacker-controlled addresses and said it fixed the exploited vulnerability, with withdrawals for other assets set to resume in stages. Bitget said user balances were unaffected and its Protection Fund would cover the financial impact.
Bitget restored Bitcoin withdrawals after last week's breach, saying the exploited flaw is fixed and other assets will return in phases: Ethereum-related networks on Sept. 29, USDT networks on Sept. 30, then remaining tokens, fiat and P2P from Oct. 2. The exchange says customer balances were untouched and its Protection Fund absorbs losses.
Investigators traced about $387.5 million to wallets controlled by attackers. Bitget's CEO attributed the intrusion to North Korean hackers, who allegedly compromised backend wallet infrastructure and falsified transaction data. A recovery bounty offers 5% for frozen or recovered funds. North Korean groups have been tied to prior crypto thefts, including a $1.5 billion Bybit cold-wallet heist.
The incident may heighten scrutiny of exchange security and withdrawal safeguards, affecting traders who rely on timely access to funds and platforms facing pressure to prove reserves. If attribution to state-linked actors holds, it could reinforce concerns that crypto theft funds broader geopolitical programs, though direct societal effects remain uneven. Users of centralized exchanges may reassess custody choices, while insurers, regulators, and blockchain analytics firms could see growing demand.