Bitget says no customer balance was written down after attackers took about $388 million from its wallets on September 24. The exchange first put the loss at $351.6 million, then raised the figure after reconciliation. For a holder, two questions matter: when can I withdraw, and what stands behind the promise that I will be made whole.
Withdrawals reopen in stages through October 2
Bitcoin withdrawals restarted on September 28, Ether followed on September 29, and USDT on September 30, with other tokens due October 2. CEO Gracy Chen said that all tokens will resume on Friday. Bitget attributes the phasing to security, not to any shortfall in customer assets, and users do not need to take any action.
$463 million left in a single day
Customers pulled about $463 million net in the 24 hours into Tuesday, the largest daily net outflow since DefiLlama began tracking proof-of-reserves four years ago. That is more than 10% of the roughly $5.7 billion in reserves Bitget lists.
A fund quoted at $464 million, under $200 million, then $309 million
On September 24, Chen said the loss fell within a Protection Fund she put at more than $464 million. Bitget says that the fund was set up in January 2022 with 5,500 BTC. Five days later, Bloomberg, citing the three wallets Bitget points to, reported those wallets held less than $200 million. Chen said Bitget would replenish the fund from its own capital and aimed to put more than $300 million in within a week. On September 30 she said the fund had reached $309 million, and posted a balance of 3,705 BTC.
That is 1,795 fewer bitcoin than the pool Bitget described before the hack. The dollar marks move with the Bitcoin price, so $464 million, under $200 million and $309 million are not three readings of the same cash pile. Holders can check the wallets on Bitget’s fund page.
A promise from Bitget, not an insurer
The fund is self-funded. It covers losses not caused by user or platform misconduct, and users can claim via email within 30 days. The explainer names no insurer, regulator, or deposit scheme behind it. Whether it pays depends on Bitget’s decision and balance sheet.
The cause is Bitget’s own account. It says an attacker used a flaw in a third-party security product to obtain internal credentials, and that private keys were not compromised.
FTX’s fund was valued in FTX’s own token
In February 2021, FTX said that 5.25 million FTT in its insurance fund made it worth over $100 million. FTT was FTX’s own token. FTX halted all withdrawals on November 8, 2022. Bitget’s fund started with 5,500 BTC in wallets it says are publicly visible; FTX’s was priced in a token the exchange issued.
A closer precedent is WazirX. After a $230 million hack in 2024, it restarted in October 2025 and returned 85% of funds to users under a restructuring scheme. Disruption Banking covered the opposite case in Zondacrypto, where thousands of users reported they could not withdraw at all.
What Bitget has put on the record so far is a balance sheet claim and a reopening schedule. The fund wallets and the withdrawal queue are the two things a holder can watch directly.
Author: Ayanfe Fakunle
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
