Bitcoin withdrawals on Bitget are now active, having officially resumed at 08:00 UTC on September 28, 2026. However, users attempting to move Ethereum (ETH) and USDT must continue to wait, as the exchange has not yet provided a definitive timeline for the restoration of these specific assets. The decision to prioritize BTC follows a massive $387 million exploit that forced the platform to halt all outgoing transactions earlier this week to secure remaining reserves.
Public chain data and market fills indicated significant futures activity for both BTC and ETH just hours before the scheduled 08:00 UTC restart, suggesting that institutional players were repositioning ahead of the liquidity event. While the resumption of Bitcoin transfers is a positive sign for the exchange's solvency, the continued freeze on USDT—the primary liquidity pair for most traders—creates a significant bottleneck for those looking to exit positions or move capital to cold storage.
This incident adds to the growing pressure on centralized exchanges to adopt more robust, real-time Proof-of-Reserves (PoR) in 2026. For US-based users who interact with international platforms, this breach serves as a stark reminder of the regulatory gray areas surrounding offshore exchange security. Market analysts are currently evaluating whether Bitget’s internal protection fund will be sufficient to cover the $387 million shortfall without requiring a haircut on user balances, a move that would have broader implications for market sentiment.
Investors should closely watch for an update regarding the ERC-20 withdrawal status, as the delay in ETH and USDT processing may indicate that the exploit targeted specific smart contract vulnerabilities rather than simple private key theft. Until these channels are reopened, expect heightened volatility in Bitget-native trading pairs and a potential premium on Bitcoin as users attempt to convert other assets into the only withdrawable currency currently available.