Crypto exchange shows signs of stabilization with modest deposit inflows following security breach

Bitget recorded $231 million in deposits on September 30, slightly below its August daily average, just days after reopening following a $390 million hack discovered on September 24. The relatively contained deposit decline is noteworthy given that the exchange suffered a record $463 million net outflow when withdrawals resumed, indicating user confidence may be recovering. A published Proof of Reserves report showing 131% reserves across major assets appears to have helped restore some trust in the platform.

The breach itself exploited a vulnerability in Bitget's internal systems, where attackers successfully created fraudulent transfer requests that bypassed security checks. The stolen funds came from the exchange's hot and warm wallets—the more accessible storage layers used for active trading operations. The phased reopening of withdrawals occurred over three consecutive days, with different major assets becoming available at staggered intervals, likely as a precautionary measure to monitor system stability.

The exchange's reserve ratio carries particular significance in the post-breach environment. By demonstrating that it maintains reserves exceeding user deposits by 31%, Bitget provided quantifiable evidence that the hack did not deplete customer funds beyond recovery. However, the timing of the Proof of Reserves publication—one day before the deposit figures stabilized—suggests the report may have functioned as a confidence-restoration tool for users evaluating whether to keep assets on the platform.