Bitget Restores Bitcoin Withdrawals Following $387.5 Million Hack

Bitget announced on Friday that it has re-enabled Bitcoin withdrawals that were frozen after a large‑scale security breach last week.

The intrusion, which security analysts link to a North Korean state‑affiliated hacking group, allowed the thieves to move more than $350 million worth of Bitcoin from the exchange’s hot wallets, a sum estimated at about $387.5 million at current market rates.

According to the platform, the withdrawal pause was a precautionary step taken while its security team traced the unauthorized activity, secured remaining assets in cold storage and coordinated with law‑enforcement authorities.

The episode joins a growing list of high‑profile crypto thefts attributed to North Korean actors, who have repeatedly targeted exchanges, decentralized finance services and mining operations to fund the regime’s weapons programs. Recent comparable incidents include the $600 million Ronin Network hack and the $610 million loss suffered by users of Binance’s lending service.

Industry observers note that the swift resumption of withdrawals could help calm user concerns, but the loss still deals a substantial blow to Bitget’s credibility and highlights the persistent risks faced by centralized crypto platforms.

Bitget has said it will compensate affected customers in line with its internal policy, though a precise timetable has not been disclosed. The exchange also pledged to introduce tighter security controls, including multi‑signature wallets and enhanced monitoring of hot‑wallet transactions, while regulators in several jurisdictions are expected to scrutinize the incident.

In the wake of the hack, Bitcoin’s price exhibited modest volatility and social‑media sentiment grew more cautious. Some users chose to transfer funds to hardware wallets or migrate to alternative services, while many awaited details of Bitget’s reimbursement plan, underscoring the broader call for stronger consumer protections in the largely unregulated crypto market.

Security experts suggest that exchanges may increasingly adopt hybrid custody models that keep the bulk of user funds offline, using limited hot‑wallet balances only for routine operations. At the same time, governments are debating stricter licensing rules and mandatory security audits aimed at deterring state‑backed cyber‑theft and improving overall ecosystem resilience.