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Withdrawal timetable now clear

Bitget said operations are gradually returning to normal after a security breach that led to a $388 million loss in user funds. According to the exchange, access to Bitcoin, Ether and USDT has been restored, and withdrawals for all tokens are planned to resume on Friday.

An update posted by chief executive Gracy Chen on X on Wednesday pointed to progress in restoring one of the most critical functions after the attack: user access. The company said the current steps are aimed at returning daily operations to normal.

How much of the damage does the protection fund cover?

The company said its Protection Fund had reached $309 million during the recovery process. The reserve, which Bitget established in January 2022 with 5,500 BTC, was created to cover losses that arise in cases not caused by users or the platform itself.

Bitget said the fund is designed to be deployed immediately when needed. The figures announced suggest the reserve is being used as one of the main tools to manage the financial impact of the attack.

Gracy Chen: "The Protection Fund was created for moments like this."

The financial scale of the attack

Current data shows the total $388 million loss remains above the size of the protection fund. Even so, the company said the fund has absorbed the financial impact of the incident, signaling that user losses are being handled within a manageable framework.

Investigation and on-chain activity

Bitget management said it is not ruling out any possibilities regarding the parties behind the attack. According to information Chen gave to Cointelegraph, the company is also considering whether there was an inside connection and whether North Korean hackers were involved.

The company also launched a bounty program offering 5% of frozen funds and 5% of recovered amounts. The move is intended to track fund flows and speed up any recovery process.

Zcash transfers tracked

Blockchain investigator ZachXBT reported that wallets linked to the attack moved about $3.8 million worth of Zcash to the Ironwood pool. Those transfers were said to represent roughly 14% of the 18,917 ZEC reportedly stolen in the breach.

  • Access to Bitcoin, Ether and USDT has been restored.
  • Withdrawals for all tokens are planned to begin on Friday.
  • The Protection Fund has reached $309 million.
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