After suffering a $387.5M–$388M hack on September 24, Bitget has begun phased restoration of withdrawal services. BTC withdrawals were restored first, followed by ETH on September 29 and USDT on September 30. The exchange reported significant customer fund outflows and stated that all losses will be covered through its protection fund.
Which assets are affected
Bullish & Bearish Views
Bulls believe Bitget’s full coverage of losses via its protection fund and rapid phased restoration of withdrawals demonstrate strong risk control capabilities, helping to rebuild user confidence. Bears point out that the large-scale customer outflows reflect ongoing market concerns about platform security, which may continue to suppress liquidity of related assets in the short term.