Cryptocurrency exchange **Bitget** said on the 25th (Fri) that losses from a wallet-hacking incident at the exchange that occurred on the 24th (UTC) amounted to approximately 387.5 million dollars (USD). This is far higher than the 351.6 million dollars originally announced. Bitget also introduced a reward program to help freeze and recover the stolen assets at the same time.

Scale of damage raised

Bitget said in its notice on the 25th that the leaked assets this time included Ripple (XRP) (XRP), Ethereum (ETH) (ETH), Tether (USDT) (USDT), Zcash (ZEC) (ZEC), USD Coin (USDC) (USDC), USDT0 (USDT0), Tether Gold (XAUt) (XAUt), BNB (BNB), Avalanche (AVAX) (AVAX), and Tron (TRX) (TRX).

Through a detailed update, Bitget revised the total estimated damage upward from the initial estimate of $351.6 million to $387.5 million by additionally reflecting transfers on the Zcash and TRON networks that had been omitted from the initial tally. The exchange emphasized that the incident is in a “contained” state.

Bitget said that on September 24, during the detected hacking process, it had already identified the path the attacker used to bypass internal security control procedures and has patched the vulnerability. However, withdrawals are still fully suspended as of now, and it said it will provide additional notice on whether withdrawals will resume by 4:00 AM on September 26 (UTC).

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Asset freezing and recovery bounty program

Bitget said that the hacking investigation for this incident involves participation from threat intelligence firms **Mandiant** and blockchain security firm **SlowMist**. While partner companies have already frozen some of the stolen assets, Bitget announced that it will pay a 5% bounty of the frozen and recovered amount to parties that voluntarily contribute to asset freezing or recovery going forward.

Key cooperation channels included the **Bybit** LazarusBounty program, and measures taken pursuant to court orders or requests from law enforcement agencies are excluded from the parties eligible for bounty payments.

Damage estimates based on on-chain tracking quickly grew. On-chain monitoring accounts spotted signs that more than $177 million was drained from Bitget wallets in the initial stage, and afterward Bitget acknowledged an incident involving $351.6 million and suspended withdrawals. The latest estimate of $387.5 million is well over double the initial on-chain observations.

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