Bitget Resumes Phased Withdrawals After $388M Exploit

The signal here is less the hack than the mechanism: a user protection fund absorbing a loss of this size is the first real test of whether exchange self-insurance promises hold up when actually drawn on. For traders, the phased withdrawal schedule matters more than the patch announcement, since it determines whether funds move freely or in queues. Whether the fund covers the full loss without socializing it, and whether withdrawals return to normal cadence, are the open questions worth tracking.