Bitget, the crypto exchange that suffered a major breach last week, has resumed withdrawals, but users are moving capital out, not leaving it parked. After Bitcoin withdrawals reopened on September 28, net outflows hit approximately $463 million, the largest one-day exchange outflow recorded since DeFiLlama began tracking those reserves. That’s not just a response to the hack itself: the outflow is roughly $75.5 million greater than Bitget’s own reported loss, which the exchange now pins at $387.5 million.
The key test for any exchange after a security incident is whether restoring services brings users back. The early signal is clear: reopening access has given users the chance to exit, and many are taking it. Bitget has said its cold wallets weren’t affected and is rolling out withdrawals for other assets through October 2. But these figures show user trust and liquidity are under pressure, not just the balance sheet. What matters now isn’t just operational recovery, but whether customers believe their assets will be safe, and whether the platform can reliably meet withdrawal demand under stress.
There’s a recovery dispute as well: Bitget’s CEO is calling out THORChain for not blocking addresses linked to the hack, highlighting how the limits of asset recovery are shaping the response. For now, Bitget has restored withdrawals, but confidence in the platform hasn’t followed suit.