Bitget, a major cryptocurrency exchange, has lifted its restriction on Bitcoin withdrawals after a security incident that cost the platform $387.5 million. The breach, disclosed earlier this week, prompted the exchange to halt all BTC transfers while it investigated the source of the loss.
Despite the reopening for Bitcoin, the platform continues to suspend withdrawals for Ethereum and Tether (USDT). The decision reflects the exchange’s cautious approach as it seeks to ensure that the remaining assets are secure before restoring full withdrawal functionality.
CEO Gracy Chen announced that Bitget’s protection fund will be replenished to a level exceeding $300 million within the week. The protection fund, designed to cover user losses in the event of a security incident, had been depleted by the breach, leaving users with limited recourse.
The incident underscores the growing scrutiny of crypto exchanges over security practices. Regulators and industry observers are watching how exchanges manage risk and communicate with customers during crises. Bitget’s swift action to resume BTC withdrawals and its pledge to rebuild the fund may help restore confidence among its user base.
Users affected by the pause are advised to monitor official communications for updates on withdrawal status and fund replenishment. The exchange’s handling of the breach will likely influence future regulatory expectations and industry best practices.