Swiss bank shields Bitget institutions while retail funds freeze
Bitget said about $387.5 million in assets was transferred to attacker-controlled addresses in a Sept. 24 breach, revising its initial estimate after accounting for Zcash and TRON transfers. Withdrawals remained suspended through Sept. 25, although deposits and trading continued; Bitget said it contained the incident and enlisted Mandiant and SlowMist. The breach coincided with Sygnum’s announcement that eligible Bitget institutions can trade using collateral held in the Swiss bank’s custody. This can reduce exposure to Bitget wallet theft or insolvency, but trading still relies on Bitget’s systems. Public information does not show how many Bitget clients use the service, whether any collateral was affected, or how quickly it could be released during an exchange disruption. Bitget cited its user protection fund and said some assets had been frozen, without quantifying recovery. Withdrawal timing, final losses and any compensation remain unresolved.
