Cryptocurrency exchange Bitget has increased the estimated total losses from its Sept. 24 security incident to $387.5 million, adding roughly $36 million in previously uncounted Zcash and TRON assets.
On-Chain Tracing Expands Breach Total
Chief Executive Officer Gracy Chen explained in a Sept. 25 update that further forensic tracing uncovered additional transfers executed during the original attack at 18:31 UTC on Sept. 24. The revised figure marks an increase from Bitget's initial $351.6 million accounting, though Chen emphasized that no new unauthorized transactions have occurred.
Bitget's investigation alongside blockchain security firms Mandiant and SlowMist remains ongoing to establish how attackers compromised its hot wallets. While technical teams identified and patched the underlying vulnerability, deposits and trading remain operational while customer withdrawals remain paused. The higher loss estimate tightens Bitget's $464 million User Protection Fund cushion to approximately $76.5 million prior to any potential recoveries.
Industry Coalition and 5% Bounty Program
In response, Bitget is shifting focus toward asset recovery backed by rival exchanges, foundations, and security companies:
- LazarusBounty Support: Bybit CEO Ben Zhou announced his company will support tracking via its LazarusBounty platform, returning aid provided after Bybit's $1.5 billion exploit in 2025.
- 5% Freeze Reward: Eligible parties whose voluntary efforts successfully freeze stolen assets will receive a 5% bounty of the frozen amount.
- 5% Recovery Reward: Bitget is offering a separate 5% bounty for funds successfully recovered through voluntary actions, excluding compulsory court orders or law enforcement requests.
- Real-Time Tracing: Infrastructure providers can monitor stolen funds via a newly launched tracing dashboard, reporting portal, and public API containing attacker addresses.
Why It Matters
This incident underscores the critical reliance on cross-exchange coalitions and real-time blacklisting during large-scale crypto thefts. Because centralized exchanges and stablecoin issuers hold freeze capabilities that self-custodied native assets lack, Bitget's recovery trajectory will test the practical reach of industry-wide defense networks. Furthermore, as the breach consumes the vast majority of Bitget's protection fund reserve, the platform's ability to safely restore withdrawals and claw back funds will be pivotal for maintaining user confidence.
