Bitget Launches 5% Recovery Bounty After Revising Hack Estimate to $387.5 Million

Bitget launches a 5% recovery bounty after revising its hack estimate to about $387.5 million, including ZEC and TRX transfers.

Bitget has launched a recovery bounty offering a 5% reward for funds frozen or recovered through voluntary assistance from cryptocurrency exchanges, researchers and the wider community, according to BSCN.

The exchange will use Bybit’s Lazarus bounty site as a core channel for its recovery effort. The move comes after Bitget revised its estimate of funds involved in the hack to about $387.5 million, following the identification of additional transfers involving ZEC and TRX.

Bitget Sets 5% Recovery Bounty

Under the newly announced program, participants who voluntarily help exchanges, researchers or others recover or freeze the affected funds can receive 5% of the amount recovered or frozen.

The bounty is intended to provide a financial incentive for outside parties involved in tracking the movement of the funds. BSCN reported that Bitget plans to use Bybit’s Lazarus bounty site as one of the main channels for the recovery initiative.

The source did not provide additional details on the eligibility requirements, payment process or how individual recovery contributions will be assessed.

Hack Estimate Revised to About $387.5 Million

Bitget has revised the reported size of the hack to approximately $387.5 million. The updated figure includes transfers involving ZEC and TRX that were added to the exchange’s calculation.

According to BSCN, Bitget said that no further transfers took place after those transactions. The revised figure therefore reflects the exchange’s latest assessment following the inclusion of the additional ZEC and TRX movements.

The source did not provide a breakdown of how much of the $387.5 million was associated with each asset or specify the destinations of the identified transfers.

Withdrawal Plan Due Saturday

Bitget also said that a withdrawal plan is due by 4:00 AM UTC Saturday. The deadline represents the next specific step identified in the exchange’s response to the incident.

BSCN did not provide further details about what the withdrawal plan will contain or which assets, addresses or parties will be covered by it. The available information also does not establish how much of the affected funds has been frozen or recovered so far.

The recovery effort therefore remains centered on tracking the funds covered by the revised $387.5 million estimate and coordinating voluntary assistance through the bounty program.

The 5% recovery bounty and the use of Bybit’s Lazarus bounty site provide the principal mechanisms identified by Bitget for outside participation, while the withdrawal plan is due by 4:00 AM UTC Saturday.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
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