Bitget Reports $387.5 Million Hot-Wallet Loss, Sets Phased Withdrawal Restoration
The exchange said its protection fund covers the loss. Bitwise also filed for a NEAR ETF to trade on NYSE Arca under the ticker NRR.
Bitget disclosed approximately $387.5 million in losses after abnormal transfers from a hot wallet, while announcing a phased restoration of withdrawals and Bitwise filed for a NEAR ETF on NYSE Arca.
The exchange said the incident was detected Sept. 25 and that its cold wallets and most assets were unaffected. Bitget also said its user protection fund, valued at more than $464 million, fully covers the loss.
The withdrawal plan began with Bitcoin network withdrawals at 8 p.m. ET Sunday (00:00 UTC Monday). ETH withdrawals across Ethereum, BSC, Arbitrum, Base and Optimism networks were scheduled to resume at 4 a.m. ET Tuesday (8:00 UTC Tuesday). USDT withdrawals across Ethereum, BNB Smart Chain, Solana and Tron were scheduled for Tuesday at 8 p.m. ET (00:00 UTC Wednesday), followed by other tokens, fiat and peer-to-peer withdrawals Thursday at 8 p.m. ET (00:00 UTC Friday).
Trading and deposits continued during the restoration process.
Separately, Bitwise filed for a NEAR Protocol ETF designed to provide exposure to NEAR (NEAR). The proposed fund would trade on NYSE Arca under the ticker NRR, adding another exchange-traded product proposal tied to a crypto asset.
