CryptoSlate
Bitget has raised its estimate of assets taken in the Sept. 24 breach to $387.5 million from $351.6 million after on-chain tracing identified Zcash and TRON assets excluded from its initial accounting. CEO Gracy Chen said the increase reflects transfers during the original incident, not additional unauthorized transactions. The exchange says some assets have been frozen, but has not disclosed their value.
Why it matters
Bitget is offering eligible parties 5% of assets they voluntarily freeze and a separate 5% of funds they help recover. Freezes made before the program was announced may qualify. Court-ordered or other compulsory legal actions are excluded, and Bitget will determine eligibility and bounty amounts.
The recovery effort brings together exchanges and security firms. Binance and Bybit have publicly offered support, and Bybit plans to use its LazarusBounty platform to track the stolen funds. Bitget has also published a tracing dashboard, reporting portal and API with attacker addresses for exchanges, stablecoin issuers, bridges and other infrastructure providers.
Market impact
The bounty's reach depends in part on where the stolen assets move. Centralized exchanges and stablecoin issuers can freeze some assets or accounts, while native cryptocurrencies sent to self-custodied addresses can be harder to stop. Mandiant and SlowMist are assisting with the ongoing investigation into how attackers breached Bitget's systems.
Withdrawals remain suspended while technical teams validate the patched systems. Chen said Bitget would announce a withdrawal plan by Sept. 26 at 04:00 UTC, but that is not a guarantee withdrawals will resume at that time. Deposits and trading remain available. Bitget says its User Protection Fund held more than $464 million when the breach was disclosed and that customer balances remain accurate. The amount recovered will help determine how much of the revised loss the exchange must absorb.
Frequently asked questions
-
Why did Bitget raise its estimate of the stolen assets?
Further on-chain tracing identified Zcash and TRON assets that were excluded from the initial accounting. Gracy Chen said the increase reflects transfers during the original incident, not new unauthorized transactions.
-
How does Bitget's Recovery Bounty Program work?
Eligible parties can receive 5% of assets they voluntarily freeze and a separate 5% of funds they help recover. Bitget determines eligibility and bounty amounts.
-
Which companies are helping Bitget trace or freeze the stolen funds?
Binance and Bybit have publicly offered support. Bitget is also working with security firms Mandiant and SlowMist, and Bybit plans to use its LazarusBounty platform to track the funds.
-
When will Bitget withdrawals resume?
Bitget has not said when withdrawals will resume. Chen said the exchange would announce a withdrawal plan by Sept. 26 at 04:00 UTC, while technical teams validate the patched systems.
-
Why could some stolen assets be harder to recover?
Centralized exchanges and stablecoin issuers can freeze some assets or accounts. Native cryptocurrencies moved to self-custodied addresses can be harder to stop.
WatcherGuru
WuBlockchain
CZ Binance
CoinDesk
Lookonchain