UPDATE: Bitget reaches cutoff for restricted users after $387.5M breach
CIE News ·
Update to Bitget moves to acquire Thai crypto exchange after September breach
Based on reporting by CryptoRank; not yet independently confirmed.
Bitget reached an October 21 cutoff deadline for restricted accounts following a $387.5M breach across Ethereum, Avalanche, and BNB Chain. Client balances are being covered by its $464M protection fund.
Bitget reached an operational cutoff deadline on October 21, 2026, for users impacted by mandatory service closures, following up on recent updates to its regional operating footprint. The platform previously suffered a breach of hot and warm wallets that resulted in the theft of $387.5 million across Ethereum, Avalanche, and BNB Chain via unauthorized transaction authorizations.
According to a47news.ai, the exchange introduced service discontinuations for users in restricted jurisdictions, including Russia, Belarus, and Kazakhstan, under updated terms of service effective October 16, 2026. The exchange instructed affected clients to secure withdrawals ahead of the October 21 deadline while maintaining normal operations and fund safety for non-restricted accounts.
Bitget CEO Gracy Chen stated that the security incident compromised only a portion of the exchange's wallet infrastructure. The company is deploying its $464 million User Protection Fund to keep client balances whole as investigations with Mandiant and law enforcement continue. Meanwhile, crypto.news reported that Bitget plans to acquire Thai exchange operator GMO-Z.com Cryptonomics through BTGT Management, with share transfers targeted for October 31 pending regulatory approval.
Key facts
- $387.5M stolen in Sept hack
- Cutoff deadline Oct 21, 2026
- Ethereum, AVAX, BNB affected
- Covered by $464M protection fund
Read the original at CryptoRank