Crypto exchange Bitget is resuming withdrawals after a security breach affecting nearly $388 million in assets, as the attacker continues moving stolen crypto through THORChain.
Bitget said it resumed Bitcoin (BTC) withdrawals Monday after suspending them following last week’s security incident, with additional assets and networks set to follow over the coming days.
The Sept. 24 breach compromised part of Bitget’s hot and warm wallet infrastructure, while its cold wallets remained secure, according to the exchange.
Bitget later revised the stolen amount from $351.6 million to $387.5 million after accounting for additional transfers on Zcash and Tron.
Ether and USDT withdrawals next as security checks progress
BTC withdrawals on the Bitcoin network and the BNB Smart Chain resumed first, Bitget CEO Gracy Chen said during a Monday ask-me-anything session.
“We restored BTC first because the withdrawal pipeline is the first to be completed,” Chen said, adding that Ether (ETH) and Tether’s USDt (USDT) would follow as security checks progress.
Under Bitget’s announced schedule, ETH withdrawals are set to resume Tuesday across Ethereum, BNB Smart Chain, Arbitrum, Base and Optimism, followed by USDT on Wednesday across Ethereum, BNB Smart Chain, Solana and Tron. Withdrawals for other assets and peer-to-peer services are scheduled to return Friday.
The schedule applies to all users, with no priority access for institutions, VIP customers or Bitget employees, Chen said.
THORChain says network halt cannot selectively freeze funds
Bitget CEO Gracy Chen has called on THORChain, a decentralized protocol for swapping assets between blockchains, to refuse services to addresses linked to the attack.
Lookonchain reported Monday that the attacker was swapping Ether for Bitcoin through THORChain, as Arkham data showed ETH linked to the attacker flowing into THORChain vaults.
THORChain said Monday that its network halt is an emergency security mechanism that affects the protocol broadly and “is not a selective freeze of specific funds or an individual swap.”
Crypto author Anndy Lian said THORChain can halt trading, stop outbound transactions or pause a connected chain, but those measures affect users broadly. The protocol has no built-in address blacklist, he said, limiting its ability to block specific addresses.
Source: https://ct.com/news/bitget-btc-withdrawal-hacker-eth-swap-thorchain
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author. The latest book is Web4: The Age of Autonomous Intelligence.
