Bitget Raises Estimated Losses From Security Breach to $387.5 Million
Bitget has increased its estimate of assets transferred to attacker-controlled wallets to approximately $387.5 million, up from an initial figure of $351.6 million. The exchange said the higher estimate reflects additional assets identified during transaction tracing and does not represent a second wave of unauthorized transfers.
Exchange Says Vulnerability Has Been Remediated
Bitget said its security team has identified the attack path and the method used to bypass existing controls. According to the exchange, the underlying vulnerability has been fixed and further unauthorized transfers are no longer possible.
Independent security firms Mandiant and SlowMist are assisting with the investigation. The revised estimate includes assets moved across multiple networks, including Ethereum and other Ethereum Virtual Machine-compatible chains, the XRP Ledger, Zcash and TRON.
Bitget has also launched a recovery bounty program. Eligible parties whose voluntary actions directly lead to funds being frozen or recovered may receive a bounty calculated as a percentage of the assets secured. The exchange said some funds have already been frozen through coordination with industry partners.
Withdrawals to Resume in Stages
Bitget plans to restore withdrawals gradually rather than reopening all services at once. The exchange’s current timetable is:
- September 28: Bitcoin withdrawals
- September 29: Ether withdrawals across several supported networks
- September 30: USDT withdrawals
- By October 2: Other token withdrawals, fiat services and peer-to-peer withdrawals
The schedule will provide a key test of Bitget’s post-incident recovery efforts. The exchange has maintained that customer account balances remain intact and that its protection arrangements cover the financial impact of the breach. The staged reopening will allow users and security teams to assess whether withdrawals can resume without introducing additional risks.
Focus Shifts to Recovery and Operational Stability
With the attack path identified and the reported vulnerability remediated, attention is now turning to asset recovery and the restoration of normal exchange operations.
Bitget’s revised estimate makes the incident materially larger than initially reported. The exchange’s next priorities are recovering affected assets, completing the investigation and restoring customer access to withdrawals according to the published timetable.