Customers withdraw $463 million from Bitget: Impact on reserves and custody

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24小时内约4.63亿美元流出Bitget：解读中心化交易所的对手方风险与资金安全

客户在24小时内从交易平台Bitget撤出了约4.63亿美元。这是数据服务DefiLlama在开始追踪储备金四年以来，记录到的单一中心化交易所单日最大资金流出量。这一事件恰好发生在Bitget重新开放其在9月24日遭受攻击后冻结的提款服务的期间。在此过程中，旨在吸收损失的“用户保护基金”已从超过4.64亿美元降至不足2亿美元。彭博社于2026年9月29日报道了这些数据。

对于欧洲投资者而言，此次事件的重要性体现在两个方面。首先，提款时间表一直持续到10月2日，任何冻结账户中的剩余余额都取决于该日期的执行情况。其次，此案展示了如何实际读取交易所的对手方风险：这体现在储备金规模、基金体量以及资金流出情况上，而非营销承诺中。

4.63亿美元流出数据的构成

DefiLlama通过追踪大型交易场所已知的公开钱包地址，将流入量与流出量进行净额计算。净流出意味着离开交易所地址的价值多于进入的价值。因此，这4.63亿美元并非损失，而是客户资产发生了转移，主要流向私人钱包和其他交易平台。

只有将其与交易所的整体规模进行比较时，这笔金额才具有意义。根据同一数据，Bitget持有的储备金约为58.4亿美元。因此，单日4.63亿美元的流出量仅占总储备金的不到8%。只要这种流动没有持续数天，且提款能够无延迟地清算，如此规模的机构是可以吸收这一波动的。

这正是提款安排采取分批进行的原因。Bitget率先开放了比特币（Bitcoin）的提款，随后是以太坊（Ether）和以USDT计价的稳定币提款。剩余的代币、法币以及点对点（P2P）交易将于10月2日开放。该公司表示，分批进行是一项安全措施，与客户资产的可用性无关。

用户保护基金从4.64亿美元降至2亿美元以下

用户保护基金是交易所自愿持有的资本缓冲，用于覆盖因攻击或系统故障造成的损害。Bitget公开运行该基金并定期公布其水平。在事故发生前，该基金超过4.64亿美元，略高于总损失额。在吸收了大部分损失后，目前该基金余额已低于2亿美元。

CEO Gracy Chen commented on supplementing the fund. She said the fund was being used to absorb the financial consequences of the accident and Bitget would use its own capital to inject it, with the goal of restoring it to more than $300 million within a week. This goal is a company's announced plan, not an audited level. Anyone who wants to keep track of progress can find the current value on their protection fund page.

Why the September 24 attack caused US$387.5 million in losses

Total losses increased in a week. The figure originally discussed after the accident was $351.6 million; current reports put it at $387.5 million to $388 million. Such increases are common in forensics because the affected addresses are identified one by one.

Regarding the attack path, Bitget disclosed that the attacker entered the withdrawal system through an unknown vulnerability in the security product purchased. Cryptoticker.io detailed this chain in its own attack path reconstruction description released on September 29. CEO Gracy Chen said early evidence evidence pointed to North Korean actors, particularly the group known as Lazarus. Security companies Mandiant and SlowMist are assisting in the investigation. This is the attribution of the affected companies, not the result of any authoritative organization's investigation.

Our analysis: Bitget ranks second in weekly net outflows among 80 trading venues

To put daily data in the background, the newsroom reviewed DefiLlama's publicly available reserve data for all centralized trading venues it covers. There are 88 exchanges in the archives, 80 of which have weekly data. Cryptoticker.io compiled this analysis on September 29, 2026.

This week, Bitget recorded a net outflow of $842.1 million. This is the second-largest number in the entire field; only Bitstamp is higher at $884.7 million. Compared with its own reserves, Bitget's outflow accounted for 14.4%. There was a deficit of $322.1 million in one month, which means the outflow occurred almost entirely in the past week.

Two further values from the same analysis frame this picture. First, weekly net outflows are not currently isolated cases: 40 of the 80 venues with weekly data are in deficit, including Binance, which has a net outflow of $735 million. Second, Bitget's direction is changing. The latest 24-hour reserve data as of the evening of September 29 showed a small inflow of US$12 million. As a result, the wave of massive outflows occurred within hours of the reopening of withdrawals, and at the time of writing this analysis, it was not ongoing.

Of the US$5.84 billion reserve, US$455 million is its platform token BGB

同一数据集中的一个细节值得注意，因为它适用于所有交易所，但很少被解释。在58.4亿美元的储备金中，有4.55亿美元，即7.8%，存放在Bitget自己的代币BGB中。DefiLlama单独报告了这一份额，并将其余部分称为“纯净储备金”，在Bitget的情况下为53.9亿美元。

单独显示的原因是：平台代币的价格取决于发行该代币的交易所的命运。如果平台陷入困境，旨在覆盖该困境的储备金部分将受到最严重的冲击。对于背书评估，应关注纯净数字，而非较大的数字。

储备金证明：默克尔树证明了什么，又留下了什么未解之谜

储备金证明是一种验证方法，交易所借此表明其地址上的持仓足以覆盖客户的余额。技术上，所有客户余额被组合成一个默克尔树（Merkle tree），这是一种校验和树状结构，每个客户都可以在不查看他人信息的情况下重新计算自己的头寸。Bitget每月发布此证明，并在其专属页面上提供检查功能。

该证明有一个对任何评估都至关重要的缺口：它只显示资产，而不显示负债。一家交易所可以报告全额储备金，同时承担出现在任何地方的贷款或义务。因此，储备金证明只是资产端的快照，而不是资产负债表，也不是监管机构的审计。本文中的储备金数据也共享这一局限性。

用户保护基金与存款保险：对你余额的区别

用户保护基金是一种自愿安排。它由公司决定产生，其规模由公司自由裁量权改变，且没有任何法律权利主张。法定存款保险在德国银行中每位客户覆盖10万欧元，无论如何不适用于加密余额，因为它保护的是货币存款，而非代币。

由此得出托管的实践规则：任何你不积极交易的余额都存放在没有保护主张的交易所上。任何人若想消除这部分风险，需持有自己的硬币，而这需要一个保持私钥离线的设备。哪些设备能做到这一点以及它们之间的差异已在硬件钱包比较中列出。自我托管消除了对手方风险，并用对自己助记词的责任取而代之。这种转变是决策的真正核心，并根据金额和经验的不同而有所不同。

Bitget缺乏MiCA许可：德国自2026年1月起已被列入黑名单

对于德国用户来说，有一个特殊性使此案件区别于普通的交易所事故。Bitget没有欧盟MiCA法规下的加密货币服务提供商许可证。自2026年1月16日起，该公司不再接受来自德国的新注册，且在其使用条款中将德国列为受限国家。该公司在发给法国和德国用户的公告中解释了这一步骤。

在实践中这意味着：任何仍在那里持有余额的人都是可能不再在德国提供服务平台的遗留客户。监管机构BaFin对此没有管辖权，通过德国当局投诉的途径也不开放，且MiCA强加给持牌提供商的关于托管和资产隔离的赔偿责任规则在此不适用。许可证带来哪些义务以及适用哪些截止日期，详见我们对加密货币公司MiCA义务的概述。

一个副作用涉及税收。从交易所转移到你自己的钱包不是出售，不会触发税收，因为受益所有人没有改变。德国所得税法第23条的一年持有期在转移期间继续运行。重要的是你要保留获取日期和获取成本的记录，因为一旦账户关闭，交易所可能不再提供这些信息。

提款时间表于10月2日以法币和P2P结束

时间表的顺序遵循技术难度，而非客户规模。比特币于9月28日开放，然后是以太坊和USDT，10月2日则是剩余的代币、法币和点对点交易。法币排在最后是因为涉及银行和支付提供商，而这些检查并非公司能单独控制。

How do you determine whether a timetable is reliable? A reliable indicator is the actual withdrawal time compared to the announcement time. The second indicator is reserve data: if the customer's position remains stable when withdrawing, it means that the platform is replenishing funds. The third indicator is whether the announced date is fulfilled on time without new conditions. If October 2 is postponed without explanation, this is a different signal than a delay for clear reasons.

What does an outflow of this magnitude say about counterparty risk?

Counterparty risk means: your coins on the exchange are legally against the company's claims, not directly owning assets. As long as the platform has sufficient solvency and the system is operating normally, this difference does not appear. An attack made it visible.

This week's data shows both sides. On the one hand, the protection fund took on the losses, the withdrawals were run again, and the outflow did not continue after the first few hours. On the other hand, the cushion has been halved, and the second accident will face a thinner protective net in the short term. Seeing these two points at the same time is a calm interpretation that will neither lead to panic nor complacency.

For your own asset allocation, follow a simple rule of thumb, which applies regardless of the case: What is placed on the exchange is what you expect to trade in the foreseeable future. The rest should be placed in self-custody or held by a provider under a dispute resolution mechanism you can turn to.