Bitget sees $463 million outflows after withdrawals resume

  • Bitget recorded net outflows after resuming cryptocurrency withdrawals.
  • $463 million left Bitget within 24 hours, DefiLlama data showed.
  • Bitget plans to restore remaining withdrawals, fiat and P2P services on Oct. 2.

Bitget recorded about $463 million in net outflows within 24 hours of resuming withdrawals, the largest single-day outflow over the past four years, according to DefiLlama data cited by Bloomberg. The exchange has been gradually restoring withdrawals after a $388 million hack last week, beginning with BTC on Sept. 28 and continuing with ETH and USDT. Bitget plans to resume remaining token withdrawals, fiat services and P2P services (peer-to-peer transactions) on Oct. 2. Its user protection fund, which is being used to cover hack-related losses, has declined from $464 million to under $200 million. CEO Gracy Chen said Bitget aims to rebuild the fund to more than $300 million within a week using its own capital. North Korea has been identified as a possible culprit, but Bitget has withheld judgment.

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