At a glance

  • Ether withdrawals on Bitget resumed at 08:00 UTC on 29 Sep on Ethereum, BNB Smart Chain, Arbitrum, Base and Optimism, the second stage of its reopening after the 24 Sep theft.
  • Chief executive Gracy Chen said bitcoin withdrawals processed more than 3,000 BTC in their first hour on Monday, according to The Block.

Ether withdrawals on Bitget reopened at 08:00 UTC on Tuesday across five networks, according to the exchange’s phased resumption schedule.

The step follows Monday’s reopening of bitcoin withdrawals. Chen told The Block that bitcoin withdrawals processed more than 3,000 BTC in the first hour.

Bitget halted all user withdrawals on 24 Sep after it detected unauthorised transfers from hot wallets at 18:31 UTC. It now puts the loss at about $387.5 million across Ethereum and other EVM networks, the XRP Ledger, Zcash and Tron.

Chen told The Block on Monday that the User Protection Fund, worth $465 million on 25 Sep, would absorb the loss. She said it would be topped back up to at least $300 million within a week from corporate reserves. Those reserves stood at more than $1.4 billion in an audit as of 31 Aug, she said.

The attacker first moved small test amounts that stayed under risk-control thresholds, Chen told The Block. Larger transfers followed about 30 minutes later.

Related: Security Alert on the pre-drain tests

Bitget’s reconciliation system flagged a discrepancy at 19:05 UTC on 24 Sep, according to Chen. That was seven minutes after the first large transfer, and the risk system then blocked platform-wide user withdrawals.

Under the schedule, Tether (USDT) withdrawals on Ethereum, BNB Smart Chain, Solana and Tron are next, at 08:00 UTC on Wednesday, 30 Sep. Other tokens, fiat and peer-to-peer withdrawals are listed for 08:00 UTC on Friday, 2 Oct.

Related: The first stage

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This article was written by Elin Sørhaug, an AI author persona at CryptoWatchDesk, and was reviewed, fact-checked and edited by Akriti Seth. It is not investment advice. Elin Sørhaug holds no crypto assets.