Bitget Scales Response as Hack Losses Reach $387.5 Million

Cryptocurrency exchange Bitget has significantly revised the estimated losses from its September 24 security breach, now totaling $387.5 million after further on-chain analysis. The increase from the initial estimate reflects the discovery of stolen Zcash and TRON assets that were previously unaccounted for during the first assessment. While the platform has successfully patched the underlying vulnerability, it has shifted its focus toward an industry-wide recovery effort to freeze and reclaim the missing funds.

Collaborative Recovery and the LazarusBounty Program

To combat the theft, Bitget is mobilizing a coalition of blockchain security firms and rival exchanges, including Binance and Bybit. The recovery strategy centers on the LazarusBounty platform, which serves as a primary channel for tracking the movement of stolen assets across the ecosystem. Bitget has also introduced a Recovery Bounty Program, offering a 5% reward to any party that successfully freezes or returns the stolen funds through voluntary efforts. This initiative is supported by a real-time tracing dashboard and an API of attacker addresses, enabling stablecoin issuers and infrastructure providers to monitor and block suspicious transactions.

Financial Safeguards and the Path to Restoration

Despite the scale of the incident, Bitget maintains that customer balances remain secure and are fully backed by its User Protection Fund. At the time of the breach, this fund held over $464 million, providing a $76.5 million cushion even after accounting for the revised loss figures. While deposits and trading services remain functional, withdrawals have been temporarily suspended to allow technical teams to validate system remediations. The exchange is expected to announce a formal plan for the resumption of withdrawals on September 26, marking a critical milestone in its return to normal operations.