Bitget Begins Phased Withdrawals, Moves $169M BTC From Protection Fund

Crypto exchange Bitget has reopened withdrawals after last week’s $387.5 million security breach.

As Bitget reopens its withdrawal gateway for BTC withdrawals, it continues its effort to recover stolen assets. It also assures users that their account balances were never affected.

Bitget Taps Reserves as Customers Regain Access

Bitget recently transferred approximately $169 million in bitcoin from its Protection Fund into hot wallets after resuming bitcoin withdrawals on Monday. This decision followed a four-day suspension of withdrawals due to unauthorized transfers from several hot wallets on the exchange.

Initially, Bitget estimated the theft at $351.6 million. However, on-chain tracking later revealed that the total loss was around $387.5 million. It included transfers involving Zcash and TRON.

The exchange said that it has a Protection Fund holding about 5,500 BTC, valued at roughly $464 million at the time of the incident. This fund was established to protect users from risks associated with the platform, including cybersecurity threats. Bitget confirmed that it would cover the financial impact of the incident using this fund.

Meanwhile, Bitget has continued to track the stolen funds across several networks. It noted that some stolen assets have been frozen through collaboration with industry players. The exchange offers a 5% reward to eligible participants who successfully freeze or recover assets linked to the breach.

THORChain Rejects Bitget Appeal After Bybit Hack Dispute

The recovery effort has introduced a challenging new chapter after Bitget requested that the privacy-focused THORChain block wallets associated with stolen funds. The exchange’s CEO, Gracy Chen, publicly appealed for this.

THORChain, on its part, declined the request, citing its decentralized and permissionless architecture and refusing to restrict specific addresses. However, investigation by Bitquery revealed that over 126 BTC Bitget-linked funds were processed through routes involving THORChain, based on transactions tracked up to September 25.

The situation is not new, as THORChain previously faced scrutiny following the $1.4 billion Bybit hack earlier in 2025. After that incident, stolen Bybit assets were also moved through cross-chain infrastructure, including THORChain, as the attackers worked to hide their trail.

Bitget’s request thus places the exchange in the midst of an ongoing debate about whether decentralized protocols should take action when stolen funds can be confiscated.