Bitget now puts September’s hack at about $387.5 million, making it one of this year’s biggest crypto thefts. The exchange’s user protection fund holds more than $464 million, so it says customer balances are covered, with bitcoin withdrawals planned to restart on September 28.
The harder part is getting the stolen funds back. About $83 million in XRP has already left three holding wallets, while roughly $75 million in XRP is still sitting in accounts linked to the theft. That matters because XRP cannot be frozen by an issuer the way USDT or USDC can.
Circle and Tether have already frozen about $320,000 in stablecoins, but once XRP moves, recovery mostly depends on tracing it, watching for it to hit exchanges, and trying to stop it there.
The immediate focus is whether more XRP leaves those tracked wallets, and whether Bitget meets its September 28 withdrawal target while giving fresh updates on the tracing effort.