Bitget reopens USDT withdrawals; reserves at 131%

Bitget reopened USDT withdrawals on Ethereum, BNB Smart Chain, Solana and Tron at 08:00 UTC on Sept. 30 after pausing withdrawals following unauthorized transfers from hot and warm wallets on Sept. 24. Trading and deposits continued during the pause.

The company published a phased schedule for restoring services on Sept. 26. Bitcoin withdrawals resumed on Sept. 28 and Ether on Sept. 29. USDT opened on Sept. 30. Remaining tokens, fiat and peer-to-peer services are set to unlock on Oct. 2. Users are not required to take advance action; availability appears in-product as each phase is enabled.

Bitget published its 47th Proof of Reserves based on a snapshot taken at 09:00 UTC on Sept. 29. The update reported overall reserves equal to 131% of disclosed liabilities across 19 covered assets. The snapshot showed USDT coverage at 107% and USDC at 154%. Bitcoin registered 142%, Ether 110% and Tether Gold 172%. A Merkle tree verification is available so users can confirm that their balances were included in the snapshot.

The security incident involved unauthorized transfers from hot and warm wallets, while cold storage and the separate Bitget Wallet self-custody app were not affected. External responders were engaged to assist in the investigation and remediation. A User Protection Fund absorbed initial losses from the breach.

Public on-chain tracking recorded roughly $463 million in net platform outflows in the 24 hours into Sept. 29. Secondary reporting estimated the Protection Fund covered more than $264 million of a revised loss estimate near $387.5 million and described the fund’s remaining balance as below $200 million; an earlier company estimate of the loss exceeded $464 million. Attribution of the transfers to specific actors has been raised publicly but is not confirmed in Bitget’s published materials.

The reopening restores the primary settlement stablecoin for many trading pairs on the exchange. Users should confirm which networks their USDT balances sit on before initiating withdrawals, as the Sept. 30 unlock applies only to Ethereum, BNB Smart Chain, Solana and Tron. Market participants and treasury desks are expected to monitor the Oct. 2 full reopen and future Proof of Reserves disclosures for updates on coverage and withdrawal behavior.