Odaily reports that Bitget has opened its phased withdrawal function as scheduled, with BTC withdrawal services now available.

According to the previously announced timeline, ETH-related networks will open for withdrawals on September 29 at 16:00 (UTC+8), and USDT-related networks will open for withdrawals on September 30 at 16:00 (UTC+8); withdrawals for other tokens, as well as fiat and C2C services, will gradually resume starting from October 2 at 16:00 (UTC+8).

Currently, Bitget CEO Gracy Chen and Greater China Head Xie Jiayin are hosting a public livestream to review and explain this security incident, share the latest updates, and answer user questions live.

Odaily News: Bitget Greater China Head Xie Jiayin recently addressed community concerns directly during a livestream. He recalled that over the eight years since Bitget's founding, the platform has always placed the highest priority on user asset security, successfully withstood multiple attempted cyberattacks, and maintained a long-term record of secure operations. This incident marks the first security crisis in the platform's eight-year history.

Following a complete traceback, this incident was identified as a targeted attack on a third-party security software supply chain. The attackers exploited a vulnerability in a third-party product to obtain internal network credentials, but private keys were not compromised and cold wallet assets were completely unaffected. Bitget has now partnered with security firms Mandiant and SlowMist to conduct an independent review, and will comprehensively upgrade its standards for monitoring and managing third-party components. We are not only committed to achieving a full recovery following this incident, but will also contribute to a safer, more stable, and healthier development of the industry through continuous technological iteration and systemic upgrades.

Odaily News: According to on-chain analyst Yu Jin, over 90% of the funds swapped cross-chain through THORChain are illicit or grey-market funds. Yu Jin stated that most of the funds stolen from Bybit last year were transferred through THORChain, which collected nearly $10 million in fees within 10 days. Recently, some of the funds stolen from Bitget have also been transferred through THORChain, generating $1 million in fee revenue.

Odaily reports that Slow Mist's Cosine posted on X platform, stating that the Bitget hack incident has spread widely, involves a huge amount of funds, and the related funds were quickly linked to North Korean hackers. Institutions such as Circle and Tether promptly assisted in freezing the related funds, with Circle freezing the USDC held by the hackers.

Regarding THORChain, Cosine pointed out that when THORChain itself previously suffered a hack, it also quickly intervened in its so-called "decentralized" platform; but this time, when facing a major industry security incident, it responded on the grounds of being "decentralized and having no right to interfere," likened itself to Bitcoin and Ethereum, and continued to earn fees from the hackers' large cross-chain transactions.

He stated that decentralization should not just be a slogan. After major security incidents occur, the key is to distinguish which issues need to be solved jointly by the industry. He also believes that platforms such as THORChain should not be easily mentioned in the same breath as Bitcoin and Ethereum, as there are clear differences in the degree of decentralization and mechanisms among different systems.

Odaily News: Today, THORChain officially posted on X platform stating, "We have noticed the recent Bitget hack and are deeply saddened by it. We can imagine this is a difficult time for everyone in the industry. (However,) THORChain is as decentralized and permissionless as Bitcoin, Ethereum, and BNB Chain. When dealing with known stolen funds, what responsibility should Bitcoin, Ethereum, and BNB Chain bear?" Subsequently, it called out OKX CEO Star and Bitget CEO Gracy.

However, crypto community members in the comments pointed out that when THORChain previously suffered an attack, it once suspended services for 39 days, and they are deeply ashamed of the differentiated treatment between the two situations.

Odaily News: OKX Star posted on X in response to THORChain, stating that he does not believe THORChain's TSS + validator model represents true decentralization. THORChain's validators collectively control the underlying assets in the TSS vault, and funds can be moved once the signature threshold is reached. Therefore, from a custody perspective, it cannot be compared to the underlying consensus mechanisms of Bitcoin and Ethereum, but instead acts as an intermediary between users and native chains. "TSS distributes control among multiple participants, but decentralizing an intermediary does not eliminate the intermediary itself."

Previously, discussions arose after some stolen Bitget funds were transferred through THORChain. THORChain responded that it is decentralized and permissionless, just like Bitcoin, Ethereum, and BNB Chain, and stated that if stolen funds were known to flow through Bitcoin, Ethereum, or BNB Chain, what responsibility should those networks bear?

According to AMLBot monitoring, some of the stolen funds from the Bitget hack have reportedly begun being mixed through Wasabi CoinJoin. The related funds originally came from a TRON wallet on Bitget. The attacker swapped TRX for USDT, then bridged via USDT0 to Ethereum and exchanged it for approximately 145 ETH, which was subsequently swapped through THORChain into approximately 4.59 BTC. These BTC were then split and pre-processed before entering CoinJoin.

Odaily reports that OKX founder Star posted on X platform regarding the Bitget hack incident, stating that THORChain is a "very unique" part of the crypto industry. After Bitget was attacked, both the OKX exchange and OKX Wallet immediately took action and stood ready to assist in identifying and tracing the flow of stolen funds, and to block the transfer of stolen funds where possible. Star stated that resilience is an important quality that every crypto company should possess; when security incidents occur, the industry needs to respond quickly, share information, and cooperate to protect users and prevent similar attacks from happening again. He emphasized: "Security is not a competition, but a shared responsibility."

Odaily News: Cryptocurrency exchange Bitget recently suffered a severe hack, resulting in the theft of XRP worth up to $83 million. On-chain data analysis shows that the hacker acted quickly after the incident, completing the transfer of large funds across addresses. Bitget has now confirmed the major security incident and is cooperating with police in the investigation.

Regarding how to recover the lost assets, Ripple officially provided a clear technical response. Ripple emphasized that due to the decentralized architecture of its underlying public chain, even if law enforcement agencies intervene, the company is completely unable to implement forced freezing of specific external accounts. Currently, the core task of recovering these stolen funds remains the responsibility of Bitget and the security team it has hired. (CoinDesk)

Odaily News: According to monitoring by the Bitget CEO, the attacker's addresses have been publicly listed and are being continuously tracked. Bitget has formally demanded that THORChain refuse to provide services to these addresses. Decentralization is a design principle and should not serve as a protective shield that facilitates the handling of known stolen funds.

Odaily news: According to Lookonchain monitoring, about 11 hours ago, an address withdrew 257.6 ETH, worth $692,000, and 545,000 USDT from Binance, then swapped 545,000 USDT for 200.2 ETH. About 1 hour ago, the address transferred all 457.9 ETH, worth $1.23 million, into the Bitget hacker wallet.

Odaily reports: Xie Jiaxin posted on X stating that this Bitget security incident involved multiple non-EVM chains and 10 tokens, and due to the different method of asset theft, different approaches to handling and restoring withdrawals were taken compared to last year's Bybit security incident in order to thoroughly eliminate potential risks.

Additionally, Xie Jiaxin stated that he and Bitget CEO Gracy Chen will host a community livestream 30 minutes before withdrawals resume on Monday to discuss this security incident and answer community questions.

Bitget announced on X that it will restore withdrawals in phases: Bitcoin network withdrawals will resume on September 28 at 8:00 (UTC); ETH withdrawals on Ethereum, BSC, Arbitrum, Base, and Optimism networks will resume on September 29 at 8:00 (UTC); USDT withdrawals on Ethereum, BSC, Solana, and Tron networks will resume on September 30 at 8:00 (UTC); other tokens, fiat, and P2P withdrawals will resume on October 2 at 8:00 (UTC). Trading and deposit services continue to operate normally, and users do not need to take any action in advance.

Odaily News: Bitget posted on X platform that the vulnerability involved in the September 24 security incident has been identified and fixed. The team is conducting additional verification and security checks on the withdrawal infrastructure, with Mandiant and SlowMist continuing to assist with the investigation. The temporary suspension of withdrawals is a security measure and is unrelated to the availability of user assets; user account balances have not been affected, and the Bitget Protection Fund will cover the financial impact of this platform-wide incident.

Bitget plans to resume withdrawals in phases: Bitcoin network withdrawals will resume on September 28 at 8:00 (UTC); ETH withdrawals on the Ethereum, BSC, Arbitrum, Base, and Optimism networks will resume on September 29 at 8:00 (UTC); USDT withdrawals on the Ethereum, BSC, Solana, and Tron networks will resume on September 30 at 8:00 (UTC); other tokens, fiat, and P2P withdrawals will resume on October 2 at 8:00 (UTC). Trading and deposit services continue to operate, and users do not need to take any action in advance.

Odaily Report: CZ posted on X, stating: "It's a tough day for Bitget. I expect and know that Binance, the BNB Chain ecosystem, and the community will do everything we can to help. Stay SAFU."

Odaily reports that Bitget CEO Gray Chen posted on X platform that following the security incident, on-chain tracking confirmed the attacker's address received a total of $387.5 million in assets, revised upward from the previously disclosed $351.6 million.

Gray Chen stated that the revised amount incorporates Zcash and TRON assets that were not fully accounted for previously, and does not represent newly stolen funds. No unauthorized transfers have occurred since the incident, and the situation remains under control. Bitget has launched a Recovery Bounty Program, offering a 5% bounty to each party that voluntarily assists in freezing the attacker's funds or recovering the funds. The exchange has also launched a real-time tracking dashboard, an information submission portal, and an attacker address API, while supporting reports submitted through Bybit's Lazarus Bounty platform. Bitget is currently making full preparations to resume withdrawals, with a specific withdrawal plan to be announced before 4:00 AM (UTC) on September 26.

Odaily News: Bitget has announced the establishment of a "Recovery Bounty Program," mobilizing exchanges, blockchain projects, security researchers, investigators, and the on-chain community to assist in freezing and recovering affected assets. Under the program, successfully frozen funds will be eligible for a reward of 5% of the frozen amount to qualified participants who directly facilitated the freeze, and successfully recovered funds will likewise be eligible for a reward of 5% of the recovered amount. Bitget will also use Bybit's Lazarus Bounty program as a core channel to support this bounty and recovery effort. Actions taken through court orders, law enforcement requests, or other legal proceedings are not eligible for rewards. Final reward eligibility, contribution determination, and amounts shall be determined by Bitget.