Bitget paused withdrawals after the attack because the incident involved multiple blockchains rather than a single asset or network, according to Xie Jiayin, head of Bitget’s Chinese-speaking market. Speaking during a livestream titled "Bitget Incident Review" on Sept. 28, Xie said the exchange did not want users exposed to risk before checks and verification were completed at every stage.
She said reopening withdrawals requires separate repair work and security verification for each chain. As a result, withdrawal services would return in phases by chain and by asset, and that process would take time.
Xie also said the withdrawal suspension had "nothing to do" with whether Bitget had sufficient funds. She stated that Bitget’s protection fund stands at $464 million and can fully cover losses from the attack. She added that the exchange’s proof of reserves is 127% and described it as fully public and transparent.
Bitget halted withdrawals after its recent attack because the incident affected multiple blockchains, not just one asset or one network, Xie Jiayin, head of Bitget’s Chinese-speaking market, said during a livestream titled "Bitget Incident Review" on Sept. 28, according to BlockBeats.
Xie said the exchange did not want any user exposed to risk before checks and verification had been completed across every step. She said reopening withdrawals requires separate repair work and security checks for each chain, which is why services will resume in stages by chain and by asset. That process, she said, takes time.
Xie also said the withdrawal suspension had "nothing to do" with whether Bitget had sufficient funds. She said Bitget’s protection fund totals $464 million and can fully cover losses from the attack.
She added that Bitget’s proof of reserves stands at 127% and said the data is fully public and transparent.
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