Bitget Reopens Bitcoin Withdrawals After $387.5M Breach; Hacker Swaps ETH on THORChain
Bitget has reopened Bitcoin withdrawals following a Sept. 24 security incident that ultimately affected about $387.5 million in crypto assets. The exchange restored BTC on the Bitcoin network and BNB Smart Chain first, with Ether, USDT and other token withdrawals set to return in stages through Friday. Investigators say the attacker has been converting stolen Ether into Bitcoin through THORChain, and Bitget has asked the protocol to deny service to linked addresses, though THORChain says it cannot selectively freeze funds.
Bitget first estimated the loss at $351.6 million, later raising it to $387.5 million after tracing more transfers on Zcash and Tron. The Sept. 24 breach affected hot and warm wallet systems, while cold storage stayed safe. Withdrawals were halted for checks and are returning in phases.
BTC on Bitcoin and BNB Smart Chain reopened first. Ether is scheduled Tuesday across Ethereum, BNB Smart Chain, Arbitrum, Base and Optimism; USDT Wednesday on Ethereum, BNB Smart Chain, Solana and Tron; other tokens and P2P Friday. Bitget said all users share the same schedule. The attacker has been converting stolen Ether to Bitcoin through THORChain, which says it cannot selectively freeze addresses.
The incident may heighten caution among crypto users, especially those who rely on exchanges for quick withdrawals. A phased reopening could affect traders needing liquidity, while the THORChain dispute may renew debate over how decentralized protocols handle stolen funds. If tracing continues, exchanges and analytics firms could face pressure to improve monitoring, but users may also bear delays and uncertainty. Broader trust in centralized platforms could be tested, though cold-storage safeguards may reassure some holders.