Bitget has officially confirmed that withdrawal services for Ether (ETH) and Tether (USDT) are set to resume on Tuesday and Wednesday, respectively, following a phased restoration of the platform. Bitcoin (BTC) withdrawals have already been reactivated as the exchange recovers from a $388 million security breach that occurred last week. This timeline is critical for users who have been unable to access their funds while the platform conducted a comprehensive security audit and moved to secure its remaining assets.
The breach, which is one of the largest so far in 2026, involved attackers successfully draining nearly $400 million from Bitget’s hot wallets. On-chain data revealed that the hackers utilized the decentralized liquidity protocol THORChain to swap stolen ETH for other assets, making it significantly harder for investigators to track the funds. This specific use of cross-chain protocols has reignited discussions among U.S. regulators regarding the need for stricter KYC and AML requirements for decentralized swap services.
For the broader crypto market, the Bitget hack serves as a stark reminder of the risks associated with centralized exchange custody. While Bitget has assured users that its Protection Fund will cover the losses, the temporary freeze on ETH and USDT—the two most liquid assets in the crypto ecosystem—has created localized liquidity issues and anxiety among retail traders. The exchange’s ability to meet its Tuesday and Wednesday deadlines will be a major test of its operational resilience.
Investors and analysts should closely watch the flow of funds once ETH and USDT withdrawals are fully restored to see if there is a mass exodus of capital from the platform. Additionally, market participants should anticipate increased scrutiny from the SEC and other global financial authorities concerning the security standards of offshore exchanges and the role of cross-chain bridges in facilitating the movement of illicitly obtained digital assets.