Bitget Restores Reserves and Rolls Out Staged Withdrawals Following $387.5M Hack

Cryptocurrency exchange Bitget replenished its User Protection Fund to exceed $300 million and reported a 131% overall reserve ratio as Bitcoin traded steadily between $83,000 and $84,000. The recovery measures follow a September 24 breach of hot-wallet infrastructure caused by compromised credentials from a third-party tool, resulting in roughly $387.5 million in unauthorized transfers. Bitget halted withdrawals before reopening Bitcoin access on September 28, processing 9,585 orders totaling 4,098 BTC in the first hour. A phased restoration schedule slated Ethereum, Tether, and full platform services to follow through October 2.