Bitget says Bitcoin withdrawals are open again. The exchange reopened them after a hack that drained $387M from its hot wallets. But Ethereum and Tether (USDT) withdrawals are still frozen. Users on those chains cannot move funds out yet.
A hot wallet is an exchange's online cash drawer. It holds crypto that needs to be ready for withdrawals at any moment. Hackers target it because the keys live on internet-connected servers. A cold wallet, by contrast, sits offline. Moving surviving funds into cold storage is the standard first move after a breach.
Bitget has not said when ETH and USDT withdrawals will resume. The gap between Bitcoin reopening and the others staying closed suggests the exchange is working chain by chain. Each blockchain has its own wallet infrastructure. Auditing one does not clear the others.
The $387M figure comes from Bitget's own statement, reported by CryptoSlate. The exchange has not broken down how much of that total was Bitcoin versus other assets. It has also not said whether user funds will be fully reimbursed or whether the exchange's own reserves will cover the gap.
Traders who need to exit positions on Ethereum or USDT are stuck for now. They can still trade inside the platform. But they cannot withdraw to an external wallet. That matters because some users keep funds on exchanges only for active trading. Others treat them as banks. The second group is the one feeling this most.
The reopen-then-pause pattern is not new. After the Bybit hack in February 2025, the exchange restored Bitcoin withdrawals first and rolled out other assets over several days. Bitget appears to be following the same playbook. The question is how long "several days" stretches this time.
Watch the ETH and USDT withdrawal status page. If it flips to open within a week, the worst is over. If it stays paused past mid-October, the damage was deeper than the $387M headline suggests.