Bitget Boosts Hack Loss Estimate to $387.5M, Plans Withdrawal Restart

Bitget Updates Security Breach Details, Increases Loss Estimate to $387.5 Million

Breach Details and Loss Reassessment

Cryptocurrency exchange Bitget has provided a significant update on a recent security breach, revising the estimated value of assets transferred to attacker-controlled addresses upwards to approximately $387.5 million, from an initial figure of $351.6 million. The exchange clarified that this increase stems from the identification of additional assets during transaction tracing, rather than a subsequent unauthorized transfer.

Vulnerability Identified and Patched

Bitget announced that its security team has successfully identified the attack vector and the method used to circumvent existing security measures. The exchange stated that the underlying vulnerability has been remediated, preventing any further unauthorized transfers. Independent security firms Mandiant and SlowMist are reportedly involved in the ongoing investigation. The revised loss estimate encompasses assets across multiple blockchain networks, including Ethereum and other EVM-compatible chains, XRP Ledger, Zcash, and TRON.

Recovery Efforts and Bounty Program

In an effort to recover stolen funds, Bitget has launched a recovery bounty program. Individuals whose actions directly lead to the freezing or recovery of assets may be eligible for a bounty calculated as a percentage of the secured funds. The exchange also confirmed that some funds have already been frozen through collaboration with industry partners.

Phased Withdrawal Restoration

Bitget plans to gradually reinstate withdrawal services rather than reactivating them all at once. Bitcoin withdrawals are slated to resume on September 28, followed by Ether withdrawals across various supported networks on September 29, and USDT withdrawals on September 30. Other token withdrawals, fiat services, and peer-to-peer transactions are expected to be available by October 2. This phased approach to restoring withdrawals will serve as a critical operational test following the security incident.

Bitget has maintained that customer account balances remain unaffected and that its financial protection measures are sufficient to cover the impact of the breach. The restoration of withdrawal access is now seen as the key practical test of these assurances for users. The updated loss figure of $387.5 million marks a significant shift in the narrative from the initial breach report. With the incident confirmed, the focus has now moved to remediation, asset recovery, and the exchange’s ability to resume normal operations without introducing new security risks. Containing the attack was the initial priority for Bitget, with restoring customer withdrawal access being the immediate next step.