Bitget Navigates Post-Breach Recovery as Stolen XRP Moves Toward Bitcoin
Following a security breach on September 24, cryptocurrency exchange Bitget has initiated a phased reopening of its withdrawal services. While the platform has successfully remediated the underlying vulnerability, XRP holders are currently in a period of transition as they wait for the final phase of service restoration scheduled for October 2. Despite the temporary suspension of external withdrawals, Bitget maintains that user balances remain unaffected and that internal trading and deposit functions continue to operate normally.
A Phased Return to Normalcy
Bitget’s recovery strategy involves a staggered rollout of withdrawal capabilities to ensure platform stability and infrastructure integrity. The first phase is set to begin on September 28 with Bitcoin, followed by Ethereum on September 29 and USDT on September 30. XRP is categorized under "other tokens" and peer-to-peer services, which are not slated for withdrawal access until the final stage on October 2. The exchange has described this pause as a security measure, allowing for comprehensive checks of its withdrawal infrastructure while keeping trading venues open for users who wish to adjust their positions internally.
Tracking the Movement of Stolen Assets
As the exchange works toward full functionality, blockchain analytics firm Bitquery is monitoring the movement of approximately 102.98 million stolen XRP. Current data shows that over 27 million of these tokens have already moved from attacker-controlled accounts, with many being routed through THORChain to be swapped for Bitcoin. While these movements represent a significant shift in the location of the stolen funds, analysts distinguish between cross-chain swaps and actual spot-market sell-offs. Monitoring these transactions remains a priority for the community to determine potential market pressure and the ultimate destination of the breached assets.
Assessing the Scale of the Breach
Bitget recently revised its total loss estimate to approximately $387.5 million, an increase from previous figures that reflects a more detailed accounting of Zcash and TRON assets rather than new unauthorized activity. This platform-wide loss highlights the scale of the incident, though the exchange continues to reassure users that the vulnerability has been patched. The upcoming October 2 deadline serves as the next critical milestone for the exchange, as the restoration of XRP withdrawals will signal the successful conclusion of Bitget’s immediate post-breach recovery plan.
