Cryptocurrency exchange Bitget has restored Bitcoin withdrawals for its users, marking a step toward normal operations after last week's major security breach that drained hundreds of millions of dollars from the platform.
Services Coming Back Online
Bitget confirmed that Bitcoin withdrawal functionality is once again available to customers, with the exchange laying out a phased timeline for reinstating support for other major assets. Ether withdrawals are slated to resume Tuesday, while withdrawals of the stablecoin Tether (USDt) are expected to return Wednesday.
The staggered reopening comes in the wake of a hack that cost the platform roughly $388 million. Exchanges typically pause withdrawals following a breach to contain damage, assess vulnerabilities, and verify that systems are secure before reopening the gates to user funds.
The gradual return of withdrawals signals Bitget's push to reassure users that their assets remain accessible.
The Hacker's Trail
While Bitget works to bring its services back, the attacker responsible for the theft has been actively moving stolen funds. Blockchain observers noted that the hacker has been converting Ether into other assets using THORChain, a decentralized cross-chain liquidity protocol.
THORChain has repeatedly surfaced in the aftermath of large-scale crypto thefts, as its decentralized architecture allows funds to be swapped across different blockchains without relying on a centralized intermediary that could freeze or block the transactions.
Key developments in the aftermath include:
- Bitcoin withdrawals restored for Bitget users
- Ether withdrawals scheduled to resume Tuesday
- USDt withdrawals expected back Wednesday
- The hacker using THORChain to swap stolen Ether
The incident underscores the ongoing challenge exchanges face in protecting user assets and the difficulty of recovering funds once they enter decentralized swapping protocols. Bitget's phased restoration of withdrawals suggests the platform is prioritizing a controlled return to full functionality as it addresses the fallout from the breach.