Bitget Raises Incident Estimate to $387.5M, Launches Recovery Bounty
The updated figure is higher than the exchange’s initial estimate of $351.6 million. According to Cointelegraph, Bitget said the revised total was based on additional onchain tracing and transaction classification that identified affected assets on Zcash and TRON that were not included in the original calculation.
Bitget Revises Value of Affected Assets
Bitget said the $387.5 million represents assets transferred to attacker-controlled addresses during the incident and does not reflect additional unauthorized transfers after the initial event. The exchange said the incident remains contained and that no further unauthorized transfers are possible.
The affected assets span several networks, including Ethereum and other EVM-compatible networks, XRP Ledger, Zcash and TRON. Bitget said its investigation and fund-tracing efforts remain ongoing, meaning the reported figures could be updated as additional transactions are identified and classified.
The company also said the underlying vulnerability had been identified and remediated. Its technical teams were conducting security validation and preparing the infrastructure needed to safely restore withdrawals.
Recovery Bounty Targets Frozen and Recovered Funds
Alongside the revised incident estimate, Bitget introduced a Recovery Bounty Program to encourage efforts that result in affected assets being frozen or recovered.
Under the program, eligible individuals or entities can receive a bounty equivalent to 5% of successfully frozen funds when their voluntary efforts directly lead to the freeze. A separate 5% bounty applies to successfully recovered funds when the participant’s actions directly contribute to the recovery.
Bitget said some affected assets had already been frozen through coordination with exchanges, blockchain projects, security firms and other participants in the cryptocurrency ecosystem. The exchange is also using Bybit’s LazarusBounty initiative as a core channel for its recovery efforts.
The bounty program excludes actions carried out pursuant to court orders, law-enforcement requests or other legal processes. Bitget will determine eligibility and bounty amounts, while participants must comply with applicable laws.
Withdrawals Remain Suspended
Bitget temporarily suspended withdrawals after detecting unauthorized transfers from some of its hot wallets at 18:31 UTC on Sept. 24. At the time, the exchange said deposits and trading remained operational while withdrawals were paused as a security precaution.
The company said its cold wallets remained secure and that the incident was contained to part of its hot and warm wallet infrastructure. Bitget also said user funds were covered by its User Protection Fund, which it reported held more than $464 million at the time of the initial announcement.
Bitget said it would announce the withdrawal status and timing by Sept. 26 at 4:00 a.m. UTC, after completing additional security checks.
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.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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