UpGate

Tag: Positive

  • SEC Staff Guidance Offers Nuanced Clarifications on Crypto Asset Classification and Issuer Activities

    SEC Staff Guidance Offers Nuanced Clarifications on Crypto Asset Classification and Issuer Activities

    The U.S. Securities and Exchange Commission (SEC) has issued new staff guidance providing nuanced clarifications on the regulatory treatment of certain crypto assets and issuer activities, particularly concerning staking tokens and buybacks. This guidance aims to offer a more detailed understanding of how existing securities laws, specifically the Howey Test, apply to these areas within the digital asset market.

    Staking Tokens and Digital Tools
    The SEC staff guidance addresses the classification of staking receipt tokens. According to the watchdog, a staking receipt tied to a digital commodity that is not subject to an investment contract can be considered a digital tool. This classification hinges on the receipt simply evidencing ownership of the underlying asset. In certain circumstances, such a token may qualify as a digital commodity when issued by a protocol-based liquid staking provider. The distinction, SEC staff indicated, depends heavily on the specific rights the receipt creates. A true “receipt,” the agency stated, should not transfer ownership or control of the deposited asset to the issuer, nor permit the issuer to lend, pledge, rehypothecate, or otherwise use it.

    Issuer Activities and the Howey Test
    Furthermore, the guidance delves into the application of the Howey Test concerning ongoing efforts by issuers. The SEC staff indicated that continuing to secure, maintain, improve, or enhance a functional blockchain network, including funding development or encouraging network effects, does not constitute the type of “essential managerial efforts” typically associated with an investment contract under Howey. Once a crypto system is functional and lacks a central controlling party, statements by an original issuer are generally less likely to create a new investment contract around the native asset.

    Regarding issuer buybacks, the SEC staff guidance suggests that announcing a buyback of a non-security token for a functional crypto system would not amount to a promise of essential managerial efforts. However, this assessment changes if the network is not yet functional and the issuer markets the buyback as a mechanism designed to generate yield or returns for holders. Broader marketing efforts receive similar treatment; the SEC staff noted that simply promoting a network’s existing utility or capabilities would generally not be enough to establish an investment contract. Even aspirational statements about future features may fall outside this threshold if they do not promote the prospect of profit.

    Context and Limitations
    This guidance follows the recent failure of the CLARITY Act in the U.S. Senate on September 15, an event that highlighted the ongoing legislative challenges in defining a clear regulatory path for digital assets. While the legislative process has stalled, the SEC’s staff guidance provides interpretive clarity on existing frameworks. It is important to note that this guidance represents staff interpretation and does not constitute new law or a definitive ruling on any specific asset or transaction.

    The SEC staff guidance emphasizes that the classification of crypto assets and the assessment of issuer activities are highly contextual. Factors such as the rights created by a token, the functionality of the underlying network, and the nature of marketing and issuer efforts are critical in determining whether an arrangement constitutes an investment contract. The guidance underscores that the distinction depends heavily on the specific facts and circumstances of each case.

    Why This Matters

    The materials describe a narrow update: The SEC released new FAQs to clarify crypto regulation, specifically addressing when tokens might be outside securities regulation and how issuer activities relate to the Howey Test. The exact rights created by a staking receipt token determine its classification.

    Broader Context

    Source materials place the factual news in this context: The failure of the CLARITY Act in the US Senate on September 15 hasn’t deterred the two largest local regulators from trying to clear the air on crypto regulation in the country, with the Securities and Exchange Commission now issuing fresh staff guidance addressing several long-running questions.

  • Bitcoin ETFs See Sustained Inflows, Extending Seven-Day Positive Streak

    Bitcoin ETFs See Sustained Inflows, Extending Seven-Day Positive Streak

    U.S. Bitcoin ETFs have extended their streak of positive net asset flows to seven consecutive sessions, with Friday alone seeing approximately $134.47 million in inflows. This sustained trend highlights persistent institutional interest in the cryptocurrency.

    Across the broader crypto ETF market, performance was also positive. Solana funds nearly matched ether’s daily inflows, while XRP and HYPE funds closed Friday firmly in positive territory. Blackrock’s Bitcoin ETF was a notable contributor, adding $97 million. Over the seven-day period, Bitcoin ETFs have collectively attracted $2.98 billion.

    The consistent inflows suggest a continued “institutional bid” for Bitcoin, indicating demand from institutional investors seeking regulated exposure. The positive performance of other crypto ETFs on Friday provides context, showing a generally favorable sentiment across various digital assets.

    While the seven-day streak of positive net asset flows is a significant indicator of current institutional sentiment, it does not guarantee future price movements or long-term market direction. The “institutional bid” is dynamic and influenced by numerous market conditions. Therefore, this trend should be viewed within the broader context of market volatility and evolving investor behavior.

    Why This Matters

    The materials describe a narrow update: U. The week ended with the institutional bid still intact.

  • UNI Price Poised for Further Gains After Q3 Breakout

    UNI Price Poised for Further Gains After Q3 Breakout

    UNI Surges Past Key Resistance, Signaling Potential for Further Gains

    New York, NY – The cryptocurrency token UNI, associated with the decentralized exchange Uniswap, has experienced a significant surge in the third quarter of 2026, breaking free from a prolonged period of price compression and a descending triangle pattern. The token’s value climbed from $2.35 to $10.85, marking a substantial shift after years of trading under bearish pressure since its peak of $45 in 2021.

    Technical Outlook and Key Resistance Levels

    Analysis of UNI’s daily chart reveals that the immediate next major hurdle for the token is the $12.30 level. Should UNI successfully breach this resistance, further upward potential is indicated, with subsequent significant levels identified at $15.10 and $17.50.

    However, the path forward is not expected to be a straight ascent. If UNI fails to overcome the $12.30 resistance, the token could enter a period of consolidation, with price fluctuations remaining below this key level. A more substantial pullback could see UNI retest support levels at $8.25 and potentially $6.35 before buyers might attempt another upward push.

    Rising Uniswap Adoption Bolsters UNI’s Narrative

    Beyond technical indicators, the increasing adoption of Uniswap’s platform is providing a fundamental boost to UNI’s price narrative. Uniswap V4 has now captured 50% of the Ethereum Decentralized Exchange (DEX) volume, a notable increase from its 31% share in August 2025. This growth encompasses volume across Uniswap V2, V3, V4, and Curve.

    Crucially, Uniswap V4 has maintained its leading position in terms of volume share every month since March 2026. In contrast, Uniswap V2’s market share has seen a significant decline, dropping from 5% to below 1% over the same timeframe.

    The Critical Juncture at $12.30

    For UNI’s price trajectory, the $12.30 level is paramount. A successful consolidation and subsequent flip of this resistance would bring $15.10 and $17.50 into sharper focus. Conversely, a failure to break through this level could trap the token below resistance, potentially exposing it to declines towards $8.25 or even $6.35. The initial breakout has occurred; the next phase will be critical in determining UNI’s ability to sustain these gains.

  • Grok AI Forecasts Major Ethereum Surge in 2026

    Grok AI Forecasts Major Ethereum Surge in 2026

    Grok AI Forecasts Significant Ethereum Surge by 2027

    Elon Musk-backed Grok AI has issued a bullish prediction for Ethereum (ETH), forecasting a substantial price increase by early 2027, contingent on a robust cryptocurrency market resurgence in the fourth quarter of 2026. The AI suggests that if such a market returns, ETH could reach $12,000 by January 1, 2027.

    Currently trading in the $2,600–$2,725 range, ETH’s projected trajectory significantly outpaces many baseline forecasts, which typically place the cryptocurrency between $4,000 and $6,000. This optimistic outlook aligns with a growing sentiment among institutional investors and analysts who anticipate considerable upside potential, driven by factors such as renewed liquidity, accelerated ETF inflows, increased demand for staking and tokenization, and Ethereum’s continued role in capturing value from stablecoins, decentralized finance (DeFi), and real-world assets.

    The underlying assumption for this bullish scenario is a return to strong risk-on market conditions by late 2026, fueled by improving macroeconomic liquidity, sustained institutional interest, and Ethereum’s foundational role as settlement infrastructure.

    Historical Patterns and Technical Analysis Support Upside

    Historical data suggests that ETH could climb from its current approximate price of $2,500 to its previous all-time high of around $4,800–$5,000, potentially entering the $10,000+ zone by early 2027. While acknowledging the inherent volatility of the crypto market, a highly optimistic scenario posits ETH trading between $9,000 and $12,000 by January 1, 2027, with a central target of $10,000–$11,000.

    On higher timeframes, Ethereum has been consolidating following a significant drawdown from its 2025 peaks. The cryptocurrency has maintained support above key demand zones between $2,500 and $2,700, while encountering near-term resistance around $2,720. A sustained breakout and weekly close above the $2,700–$2,800 area, confirmed by volume, would signal a bullish shift in the intermediate-term structure. This could unlock measured-move and Fibonacci extension targets, potentially reaching the prior cycle high of approximately $4,800–$5,000.

    In a full bull market environment, reclaiming this previous high often serves as a catalyst for further ascent. Subsequent continuation could target the 1.618–2.0 extension zones from the multi-year base, projecting into the $8,000–$12,000 range. Momentum indicators, including a rising Relative Strength Index (RSI) from neutral or oversold territory on the weekly chart and positive divergence on longer timeframes, would further bolster the bullish outlook once the downtrend structure is broken.

    Crucial support levels to watch on any retests include the $2,300–$2,500 demand zone and the rising 200-week moving average. A failure to hold either of these levels would invalidate the near-term bullish thesis. Overall, the current chart setup suggests a potential for a multi-leg advance, provided risk appetite returns, consistent with historical breakout patterns observed in previous Ethereum bull cycles.

    Emerging Infrastructure Plays and Bitcoin Hyper

    While a move to $12,000 from current levels represents a substantial +400% upside for Ethereum, it may not offer the same asymmetric returns that characterized early crypto wealth creation. This dynamic is driving capital towards earlier-stage infrastructure projects. Bitcoin’s inherent scaling limitations, which result in slow and expensive transactions for anything beyond basic transfers, create an opportunity that projects like Bitcoin Hyper aim to address.

    Bitcoin Hyper ($HYPER) is positioning itself as the first Bitcoin Layer 2 solution with native Solana Virtual Machine (SVM) integration. The project aims to achieve execution speeds exceeding those of Solana while settling transactions back to Bitcoin’s base layer. The presale has reportedly raised over $33.1 million, with the current token price at $0.0136867. Early participants are eligible for staking APY. The platform features a decentralized canonical bridge for BTC transfers without custodial intermediaries, and detailed information is available on the presale page.

  • TypeSafe AI Eyes $1B Funding Amidst Jev Model Growth

    TypeSafe AI Eyes $1B Funding Amidst Jev Model Growth

    Startup in Talks for Over $1 Billion Funding Round at $10 Billion Valuation

    TypeSafe AI, a San Francisco-based startup that recently emerged from stealth, is reportedly in discussions to secure over $1 billion in new funding. The round would value the company at more than $10 billion, a remarkable leap from its initial $200 million valuation just weeks prior to its public debut.

    Rapid Ascent Following Product Launch

    The company officially exited stealth on September 15, announcing a $40 million seed round led by DCVC, a venture firm known for its investments in deep-tech companies. This initial funding round valued TypeSafe AI at approximately $200 million post-money.

    On the same day, TypeSafe AI launched its product, Jev. The market’s reaction was swift and significant. Vercel, a prominent developer platform, reported more than double its usual paid account sign-ups within 24 hours of Jev’s release, surpassing the performance of all previous model launches on the platform. A promotional video for Jev posted on X garnered 40 million views in less than a week.

    Usage of OpenRouter also saw a notable increase in the days following the launch, indicating that developers were not merely exploring demos but actively integrating Jev into their existing workflows.

    Jev’s Focus on Structured Outputs and Confidence Scores

    While the AI market is saturated with large language models adept at generating human-like text, Jev distinguishes itself by focusing on structured, probabilistic outputs designed for software decision-making rather than conversational purposes. A key feature of Jev is its provision of calibrated confidence scores alongside its outputs, offering developers a clearer indication of the reliability of each result.

    In terms of performance, Jev delivers latency ranging from 70 to 500 milliseconds. The ability to achieve sub-100ms latency is particularly significant for real-time applications, where even minor delays can negatively impact user experience.

    Competitive Pricing and Profitability

    Jev’s pricing is set at $0.042 per million input tokens, a rate that significantly undercuts the pricing of other leading large language models. James Hardiman, a general partner at DCVC, has commented that TypeSafe AI is already achieving profitability due to its low inference costs.

    TypeSafe AI was co-founded by Diogo Almeida, Erik Gafni, and Sasha Sheng. Almeida’s previous experience includes a tenure at OpenAI. The founders aimed to address a critical gap: the unreliability of large language models in production software environments and their prohibitive cost at scale.

    Almeida has confirmed substantial inbound investor interest since the launch but has refrained from disclosing specific terms or participants for the anticipated billion-dollar funding round.

    A Meteoric Rise in Startup Valuation

    If TypeSafe AI successfully closes a funding round at or above $10 billion, it would mark one of the most rapid valuation increases in recent startup history. Such a dramatic ascent, from $200 million to $10 billion in a matter of weeks, suggests that investors perceive a significant opportunity for the company to capture a substantial portion of enterprise AI spending, rather than being driven solely by hype.

    TypeSafe AI’s pricing strategy, at $0.042 per million input tokens, could also lead to downward pressure on inference costs across the industry. At a $10 billion valuation, the company is already becoming a significant target for potential acquisition by larger industry players.

  • Payward Invests Billions in Financial Infrastructure Overhaul

    Payward Invests Billions in Financial Infrastructure Overhaul

    Payward, the parent company of cryptocurrency exchange Kraken, is strategically repositioning itself beyond its origins as a digital asset platform. Through a series of significant acquisitions and high-profile partnerships with established financial institutions, the firm is evolving into a foundational infrastructure provider, aiming to serve as the underlying plumbing for both cryptocurrency and traditional equity markets.

    In 2025, Payward reported adjusted revenue of $2.2 billion, marking a 33% increase year-over-year. Notably, over half of this revenue, 53%, now stems from asset-based services, a shift from its previous reliance on trading fees.

    A pivotal move was the $1.5 billion acquisition of NinjaTrader, a deal that significantly bolstered Payward’s derivatives infrastructure and provided a substantial entry into futures trading, extending its reach far beyond the crypto sphere. This was followed by the acquisition of Reap Technologies, a Hong Kong-based stablecoin payment solutions provider, for up to $600 million. Subsequently, Payward acquired Bitnomial for up to $550 million, integrating regulated derivatives exchange capabilities into its expanding suite of services.

    The integration of these entities creates a robust platform: NinjaTrader contributes retail and institutional derivatives expertise, Reap offers cross-border stablecoin payment rails, and Bitnomial brings regulated crypto derivatives. Collectively, these acquisitions lay the groundwork for a comprehensive system capable of handling trading, payments, custody, and settlement across diverse asset classes.

    In April 2026, Deutsche Börse, the operator of the Frankfurt Stock Exchange, invested $200 million in Payward, valuing the company at approximately $13.3 billion.

    Five months later, Nasdaq Ventures injected $100 million into Payward on September 10, 2026, raising the company’s valuation to $21 billion. This investment is accompanied by a collaboration on Nasdaq Equity Tokens, or NETs, slated for a second-quarter 2027 launch. These NETs are intended to be tokenized versions of Nasdaq-listed stocks, incorporating voting rights and aiming for 24/7 settlement. Nasdaq is also integrating its market surveillance technology into Payward’s platform.

    Payward’s tokenized equities platform, xStocks, had already processed over $25 billion in cumulative transaction volume by mid-2026, with $4 billion settled on-chain. The platform has attracted more than 85,000 unique holders.

    Overall, Payward’s platform transaction volume has reached $2 trillion, a figure that positions it as a contender among mid-tier traditional financial infrastructure providers.

    However, the company’s ambitious expansion is not without its challenges. The regulatory landscape for tokenized securities remains fragmented across different jurisdictions. The inclusion of voting rights in tokenized equities introduces governance questions that are yet to be fully resolved. Furthermore, the rapid pace of Payward’s acquisition strategy presents significant integration risks, as stitching together NinjaTrader, Reap, and Bitnomial into a cohesive and functional platform is an intricate engineering and organizational undertaking that extends beyond financial investment.

  • Fidelity Analyst Jurrien Timmer Projects Bitcoin at $300,000 by 2029, Citing Power-Law Model and Technical Signals

    Fidelity Analyst Jurrien Timmer Projects Bitcoin at $300,000 by 2029, Citing Power-Law Model and Technical Signals

    Jurrien Timmer, Fidelity’s Director of Global Macro, has projected that Bitcoin could reach $300,000 by 2029. This projection is grounded in a power-law model and a positive 52-week Z-score of the BTC/gold ratio, a technical signal that has historically indicated market bottoms. Timmer’s analysis suggests that Bitcoin’s recent price action follows a predictable curve driven by adoption, drawing parallels to the growth patterns of cities or internet expansion.

    Analytical Framework: Power-Law Model and Key Signals

    Timmer’s analytical framework relies on two primary components. Firstly, he notes that Bitcoin has maintained a position above the $60,000 level for nearly a year. This extended period of consolidation is what Timmer considers a significant ‘Bitcoin winter,’ a phase that has historically preceded substantial upward price movements. Secondly, the 52-week Z-score of the BTC/gold ratio has recently turned positive. Historically, when this metric shifts from negative to positive, it has signaled that Bitcoin is establishing a cyclical bottom.

    The $300,000 target for 2029 is derived from the power-law model, which posits that Bitcoin’s price follows a predictable curve on a logarithmic scale, largely influenced by its adoption rate. This model suggests that a move from the current approximate price of $84,000 to $300,000 would represent a 3.5x increase. This is considered a comparatively modest return as the asset matures and its market capitalization grows, aligning with the power-law model’s expectation of diminishing percentage returns over time.

    Historical Context and Model Independence

    Earlier in the current cycle, Timmer had suggested that Bitcoin might experience a ‘year off’ in 2026, with potential support levels anticipated between $65,000 and $75,000. This prior projection proved directionally accurate, as Bitcoin did consolidate around and above the $60,000 mark for an extended period before its recent upward movement. Bitcoin recently saw an intraday surge above $87,000.

    A notable aspect of Timmer’s power-law model is its deliberate independence from short-term macroeconomic data, such as interest rate expectations or inflation reports. While this detachment can shield the model from reacting to short-term market noise, it also means it may not account for unforeseen ‘black swan’ events that could fundamentally alter Bitcoin’s adoption curve.

    Investment Implications and Inherent Uncertainties

    If the BTC/gold Z-score signal continues to suggest reliable, the current price level around $84,000 could represent an early entry point in the new cycle. The potential for a 3.5x return over a multi-year horizon, based on a model with a historical track record, presents a risk-reward profile that might attract capital away from more traditional investments.

    However, the effectiveness of power-law models is not guaranteed. Bitcoin’s adoption curve could potentially flatten due to several factors, including intensifying regulatory scrutiny, the emergence of competing technologies, or a severe deterioration in the broader macroeconomic environment that suppresses risk appetite across all asset classes. Timmer’s model is based on the continuation of historical patterns, and while history can serve as a guide, it does not guarantee future outcomes. The projection of $300,000 by 2029 remains a forecast based on specific analytical tools and historical data, subject to the inherent uncertainties of the cryptocurrency market.

    Why This Matters

    The materials describe a narrow update: Jurrien Timmer has projected that Bitcoin’s price could reach $300,000 by 2029. Whether power-law models will continue to accurately predict Bitcoin’s price.

    Broader Context

    Source materials place the market analysis in this context: Jurrien Timmer is Fidelity’s Director of Global Macro.

  • XRP Whales Accumulate as Ripple Hints at BlackRock Partnership

    XRP Whales Accumulate as Ripple Hints at BlackRock Partnership

    Ripple Partners with Securitize for New Stablecoin Integration

    Ripple has announced a new smart contract developed in a joint venture with Securitize, designed to enable holders of BlackRock’s BUIDL and VanEck’s VBILL tokenized short-term treasury funds to exchange their shares for Ripple’s stablecoin, RLUSD. This marks the first official integration of Ripple’s stablecoin onto the Securitize platform.

    Enhanced Utility for Tokenized Assets

    The new smart contract provides an additional stablecoin off-ramp for BUIDL and VBILL, which are the first tokenized products from these TradFi giants to be launched on public blockchains. Ripple stated that the smart contract will allow BUIDL and VBILL holders to instantly exchange their shares for RLUSD around the clock. This functionality is expected to facilitate more stable, on-chain transfers, offering investors continuous exposure to RLUSD while maintaining access to on-chain yield and a wider array of DeFi strategies. This aims to boost utility, flexibility, and interoperability for tokenized assets.

    Institutional Focus for RLUSD

    Jack McDonald, Ripple’s SVP of Stablecoins, emphasized the institutional focus of RLUSD, highlighting its regulatory clarity, stability, and practical utility. He noted that partnerships with trusted platforms like Securitize are crucial for unlocking new liquidity and enterprise-grade use cases as adoption grows. Both Ripple and Securitize have indicated plans for future collaborations, with Securitize also intending to integrate with the XRP Ledger to broaden access and introduce new utility to its ecosystem.

    XRP Whales Accumulate Amidst Volatility

    Coinciding with this announcement, popular analyst Ali Martinez observed a significant buying spree among XRP whales. Over the past five days, these large market participants have acquired more than 470 million XRP tokens, valued at over $720 million. This follows a report from the previous week detailing their purchase of over 1.5 billion tokens within a 96-hour period.

    Technical Outlook for XRP

    Martinez’s analysis suggests that XRP has completed the right shoulder of a major inverse head-and-shoulders pattern on the daily chart. He believes a bullish breakout could be imminent, provided the token can overcome the critical resistance level at $1.60. A successful breach of this level could pave the way for XRP to target $2.00.

    The XRP token has experienced considerable volatility recently, surging to $1.65 before experiencing a sharp decline to below $1.50. However, the price has since recovered, reaching $1.56 on Friday and currently trading around $1.55. Despite the fluctuations, Martinez maintains a bullish outlook on XRP’s future price performance.

  • Federal Reserve Seeks Public Comment on Proposed Stablecoin Regulations Under GENIUS Act

    Federal Reserve Seeks Public Comment on Proposed Stablecoin Regulations Under GENIUS Act

    The US Federal Reserve Board is seeking public comment on two proposed rules for regulating supervised payment stablecoin issuers under the GENIUS Act. These proposals, released on Thursday, aim to establish a federal regulatory framework for stablecoins, a year after the GENIUS Act was signed into law.

    The first proposed rule requires stablecoin issuers to fully back their stablecoins with high-quality liquid assets, such as short-term Treasury bills. It also standardizes capital requirements to address credit and operational risks and sets risk-management standards.

    The second proposal outlines an application process for banks seeking to issue payment stablecoins, requiring them to submit business plans and financial information. This proposal also includes provisions for appeals, hearings, and final determinations.

    Following publication in the Federal Register, the public will have 60 days to submit comments. The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, established the first comprehensive federal regulatory framework for stablecoins in the US.

    While regulatory agencies have been developing rules related to the GENIUS Act, the Federal Reserve’s proposals represent a significant step toward concrete regulations. The timeline for finalizing these rules depends on the public comment period and subsequent review, with uncertainties remaining regarding the specific details of the final framework and the issuance of final regulations.

    Why This Matters

    The materials describe a narrow update: The Federal Reserve has proposed two frameworks for stablecoin issuers under the GENIUS Act. Whether final regulations will be issued before the next deadline.

    Broader Context

    Source materials place the factual news in this context: US regulatory agencies missed a rule-making deadline under the GENIUS Act, a year after the law was signed.

  • Bitget Resumes Withdrawals in Four Phases, Bitcoin First on 9/28

    Bitget Resumes Withdrawals in Four Phases, Bitcoin First on 9/28

    Bitget Resumes Withdrawals After Security Breach, Losses Covered by Protection Fund

    Cryptocurrency exchange Bitget announced that the vulnerability exploited in a recent security breach has been patched, and withdrawal services will be gradually reinstated in four phases. Bitcoin withdrawals were the first to resume, at 4:00 PM Taiwan time on September 28. Ethereum and USDT withdrawals followed on September 29 and 30, respectively, with other tokens, fiat currencies, and P2P services scheduled to be restored on October 2. Bitget stated that user balances remain unaffected, and the estimated $387.5 million in losses will be covered by its protection fund.

    Phased Withdrawal Restoration Underway

    Bitget announced early on September 26, Taiwan time, that the vulnerability involved in the security incident had been identified and fixed. The temporarily suspended withdrawal services will be restored in four stages. Bitcoin withdrawals were the first to be reactivated, commencing at 4:00 PM Taiwan time on Monday, September 28. The final phase, encompassing other tokens, fiat currencies, and P2P services, is slated for Friday, October 2, at the same time.

    The exchange clarified in its announcement that the suspension of withdrawals was a precautionary measure to complete a final round of security verification and was unrelated to the adequacy of user assets. User account balances are unaffected, and losses incurred from the incident will be absorbed by Bitget’s protection fund. Trading and deposit services continue to operate as normal. The announcement also confirmed that the situation is under control, with no further unauthorized transfers occurring. Bitget is continuing its investigation with assistance from Google-owned cybersecurity firm Mandiant and SlowMist.

    The official announcements, originally marked in UTC, translate to the following schedule in Taiwan time:

    The incident occurred at 2:31 AM Taiwan time on September 25, according to Bitget. This timeline indicates that Bitcoin withdrawals will have been suspended for approximately three and a half days before resuming, and all services will be fully restored in about seven and a half days. XRP is not included in the first three phases and will be reinstated along with other tokens on October 2. CEO Gracy Chen, in a post following a livestream on September 25, highlighted that XRP represented the single largest loss on a specific chain during the incident.

    Bitget emphasized that the phased restoration order is consistent for all users, with no priority list. Users are not required to take any prior action, as the withdrawal availability for each currency will be directly displayed on the platform. Gracy Chen is scheduled to host a livestream AMA at 3:30 PM Taiwan time on September 28, half an hour before Bitcoin withdrawals reopen, to provide details on the incident and the progress of the recovery.

    Prior to this schedule announcement, Gracy Chen had stated on September 25 that an announcement would be made once specific times were confirmed, avoiding commitments to unverified timelines. Another announcement from Bitget on the same day indicated that withdrawal schedules would be released by noon Taiwan time on September 26. The actual schedule was published at 3:55 AM Taiwan time on September 26, approximately eight hours ahead of the self-imposed deadline.

    On September 25, based on on-chain tracking, Bitget revised the estimated amount transferred to attacker addresses to approximately $387.5 million, an increase of about $35.9 million from the initial estimate of $351.6 million. This discrepancy is attributed to previously uncounted assets on the Zcash and TRON chains. Affected cryptocurrencies include XRP, ETH, USDT, ZEC, USDC, BNB, AVAX, and TRX, among others.

    According to Gracy Chen’s statement on September 25, Bitget’s protection fund exceeds $464 million and is held in publicly verifiable wallet addresses. The exchange also possesses over $1 billion in proprietary assets. Based on the revised loss figure, the protection fund is approximately $76.5 million greater than the losses, a reduction in buffer of about 30% compared to the initial estimate, where the difference was around $112 million.

    Bitget has also launched a bug bounty program, offering a 5% reward to individuals or organizations that assist in freezing or recovering the stolen assets, primarily through collaboration with LazarusBounty on Bybit. The announcement noted that some of the stolen assets have already been frozen with industry assistance.

    When will Bitget resume withdrawals?
    Bitget is restoring withdrawals in four phases. Bitcoin withdrawals resumed at 4:00 PM Taiwan time on September 28. Ethereum withdrawals followed on September 29, USDT on September 30, and other tokens, fiat currencies, and P2P services are scheduled to resume at 4:00 PM on October 2.

    Will user assets be affected by the Bitget hack?
    Bitget has stated that user account balances are unaffected, and the approximately $387.5 million in losses will be covered by the protection fund. CEO Gracy Chen indicated that the protection fund exceeds $464 million, with an additional over $1 billion in proprietary assets.